BNY Mellon, a global leader in investment management and investment services, announced that it has completed a project to transition DWS’s real estate fund accounting services, representing approximately US$21 billion in assets, to BNY Mellon’s platform, which incorporates Yardi Investment Manager as a core element.
Achieved through a strategic collaboration between DWS and BNY Mellon, this transition represents one of the industry’s largest fund conversions to a new platform. The transition streamlines DWS’s real estate business, whilst realising significant cost, efficiency and operational benefits for the asset manager.
DWS transferred globally its real estate fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon. Some 80 members of DWS’s fund finance team transferred globally to BNY Mellon and became part of its Alternative Investment Services business.
“Transferring services such as fund accounting to specialist third party providers allows us to streamline our business and drive cost and efficiency benefits. We look forward to realising the advantages of our outsourced approach to our real estate fund accounting,” said Georg Allendorf, Head of Real Estate, Europe at DWS.
“Through this transition, we took the opportunity to invest in platform enhancements from which all BNY Mellon customers and prospects can benefit. We now offer a single, scalable platform for property and investment accounting that is global but also tailored to the specific needs of pan-European real estate businesses,” said Alan Flanagan, Global Head of Private Markets Solutions at BNY Mellon. “Investment managers are increasingly turning to asset servicers who are consistently making the necessary investment in both people and technology to deliver the highest service levels in a global product that also meets regional requirements and execution.”
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Notes to editors:
DWS Group GmbH & Co. KGaA (DWS) is one of the world's leading asset managers with EUR 687bn of assets under management (as of 30 Jun 2018). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our strategic investment approach.
DWS wants to innovate and shape the future of investing: with staff from 35 nationalities, speaking more than 75 languages rooted in 22 countries, we are local while being one global team.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of June 30, 2018, BNY Mellon had $33.6 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.