NEW YORK, April 19, 2017 /PRNewswire/ -- BNY Mellon Alternative Investment Services will provide fund administration services for PGIM Real Estate's U.S. real estate funds, representing approximately $33 billion in net assets under management. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
"We are pleased to partner with BNY Mellon's real estate fund administration platform and to leverage their depth of resources, enhanced technology capabilities and shared commitment to operational excellence," said Cathy Marcus, global chief operating officer of PGIM Real Estate. "Capitalizing on the expertise of both of our organizations 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."
"Our agreement with PGIM Real Estate is another example of how BNY Mellon's investments in strategic platforms are bearing fruit," said Frank LaSalla, Chief Executive Officer, Global Structured Products/Alternative Investment Services for BNY Mellon. "Asset managers are recognizing 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 supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
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 and more than 100 markets. As of December 31, 2016, BNY Mellon had $29.9 trillion in assets under custody and/or administration, and $1.6 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.
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $66.0 billion ($47.6 billion net) as of Dec. 31, 2016. PGIM Real Estate's tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.pgimrealestate.com.
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SOURCE BNY Mellon