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
OFI AM and SETL become shareholders of IZNES
23 February 2018 | Paris | Reporter: Jenna Lomax
OFI AM and SETL have been joined as shareholders of IZNES by five asset management companies
Klesia Finances goes live with NeoXam’s Density solution
23 February 2018 | Paris | Reporter: Jenna Lomax
According to Klesia, Density will assist it in facing the current French and European regulatory landscape
EBA Clearing’s RT1 hits 500,000-transaction-mark
23 February 2018 | London | Reporter: Jenna Lomax
The RT1 system passed the transaction milestone on 19 February
Liz Daniels joins FCA
23 February 2018 | London | Reporter: Becky Butcher
The Financial Conduct Authority has appointed Liz Daniels as policy advisor
Gen II exceeds $175 billion in assets under administration
23 February 2018 | New York | Reporter: Becky Butcher
Gen II Fund Services has revealed that its assets under administration have exceeded $175 billion
SANNE hires Hannah Correll Jaeger
22 February 2018 | New York | Reporter: Becky Butcher
SANNE has appointed Hannah Correll Jaeger as head of client relationship management for the Americas to support the company’s growth
Benelux trio set to strengthen collaboration on blockchain
22 February 2018 | Brussels | Reporter: Becky Butcher
B-Hive, the Luxembourg House of Financial Technology and the Dutch Blockchain Coalition have signed a memorandum of understanding to strengthen further collaboration in blockchain within the Benelux region
More news