BNY Mellon has won a mandate to provide fund administration and collateral management services to the German-domiciled funds of Nomura Asset Management.
The German funds have €2 billion in assets under management, and will be under administration of BNY Mellon’s German affiliate, BNY Mellon Service KAG.
Services will initially include fund accounting, regulatory reporting and risk control. Collateral management services and additional front-office capabilities will be added in the second half of the year.
BNY Mellon already works with Nomura’s German investment management business, providing regulatory reporting services for the European Market Infrastructure Regulation (EMIR).
According to Nomura, the extension of the mandate was based on BNY Mellon’s ability to provide a holistic and customised front- to back-office service.
Magnus Fielko, chief administration officer at Nomura Asset Management Deutschland, said: “Our strategic relationship with BNY Mellon allows us to focus on our core business of asset management, while ensuring that our clients benefit from the scale and breadth of a leading global investment services company.”
Thomas Brand, Head of BNY Mellon’s Asset Servicing business in Germany, said: “The increased regulatory emphasis on transparency, accountability and consumer protection is encouraging more asset managers such as Nomura to ask for front-to-back office services.”
“We have invested significantly in technology to handle multiple evolving processes at greater volume and speed as well as lower cost, so are well positioned to benefit from this trend.”
The mandate marks the continuation of a period of growth for BNY Mellon Service KAG, following several mandates in the German securities business and the real estate space.
