New York
20 April 2017
Reporter: Stephanie Palmer
$33bn REIT mandate for BNY Mellon
BNY Mellon Alternative Investment Services has been selected to provide fund administration for PGIM Real Estate’s US real estate funds.

The funds represent around $33 billion in net assets under management.

Cathy Marcus, global COO of PGIM Real Estate, commented: "Capitalising on the expertise of both of our organisations will enable PGIM Real Estate to continue to focus on delivering superior investment performance for our clients, while also ensuring we have a world class operating model that is flexible to evolving business needs."

Frank LaSalla, CEO of global structured products and alternative investment services at BNY Mellon, said: "Our agreement with PGIM Real Estate is another example of how BNY Mellon's investments in strategic platforms are bearing fruit."

He added: "Asset managers are recognising the immense value in moving their real assets fund servicing from a fixed in-house model to a variable outsourced model, allowing them to focus on their core business of managing portfolios."

BNY Mellon’s asset servicing business provides investment management and services in 35 countries. As of the end of 2016, it had $29.9 trillion in assets under custody or administration, and $1.3 trillion in assets under management.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BNP Paribas: ESG investment seeing increased interest
25 May 2017 | London | Reporter: Stephanie Palmer
The survey report noted that 77 percent of asset owners already incorporate ESG aspects into their strategies
Nasdaq to support Chilean CSD in post-trade tech
25 May 2017 | Santiago | Reporter: Stephanie Palmer
Based on the Nasdaq Financial Framework the solution will replace Depósito Central de Valores’s existing core system
Funds need to keep an eye on BEPS negotiations
24 May 2017 | London | Reporter: Becky Butcher
Fund participants were encouraged at Guernsey’s Fund Forum to pay close attention to negotiations over base erosion and profit sharing (BEPS) rules
Northern Trust expands UAE operations
24 May 2017 | Abu Dhabi | Reporter: Stephanie Palmer
Northern Trust has opened a new branch office in Abu Dhabi, as part of a continuing focus on business in the UAE
R3 raises record funds for DLT development
24 May 2017 | London | Reporter: Stephanie Palmer
The R3 group has raised $107 million in two tranches of fundraising, securing the largest ever investment in distributed ledger technology to date
Promotions abound at Interstrust in Jersey
24 May 2017 | Jersey | Reporter: Stephanie Palmer
Intertrust in Jersey has made a spate of promotions, including elevating Sherin Sugeeswaran to the role of associate director in the fund services team
RSRCHXchange boosts research offering with data consumption partnership
23 May 2017 | London | Reporter: Stephanie Palmer
Institutional research marketplace RSRCHXchange has partnered with corporate access management solution provider CorpAxe in order to make research consumption data available to the buy side
More news