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.
