FRANKFURT, Germany, July 16, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by Marble House Capital to provide custody services and related control functions to a range of portfolio funds and future retail alternative investment funds (AIFs) and special AIFs.
The arrangement with Marble House Capital, a Hamburg-based Alternative Investment Fund Manager (AIFM) specializing in closed-end private equity funds, is the first time BNY Mellon has acted as custodian for closed-end private equity funds in Germany.
Roderich Widenmann, CEO of MHC Marble House Capital, said: "In terms of its global positioning and international expertise in the private equity asset class, BNY Mellon is the ideal partner for us. The increase in transparency and investor protection afforded by appropriate custody of our private equity funds is of key importance within the scope of the new statutory regulations. In BNY Mellon, we have found a leading partner for our private equity business on an international scale. We really look forward to working closely with BNY Mellon."
Thomas Brand, head of Investment Services at BNY Mellon in Germany, said: "Our arrangement with Marble House Capital will extend our custodian services in Germany in the closed-ended alternative investment segment to include private equity as an asset class for the first time. BNY Mellon is already the third-biggest service provider in the alternative investments segment globally. With some $300 billion in private equity assets in custody worldwide, we can put our extensive international experience to good use to benefit Marble House Capital and our other German clients."
Since the implementation of the Alternative Investment Fund Managers Directive (AIFMD) and the introduction of the Germany's Capital Investment Code (KAGB) in July 2013, it has been mandatory for closed-ended alternative investment funds (AIFs) investing in real assets to utilise a custodian.
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About Marble House Capital
Marble House Capital, headquartered in Hamburg, is licensed by the German Federal Financial Supervisory Authority (BaFin) and hence is a fully regulated AIFM in accordance with the AIMFD and KAGB regulations, specializing in launching, managing and distributing closed-end private equity funds. Since its inception, Marble House Capital has launched seven closed-ended private equity funds of its own, with approx. 172 million euros in assets under management, comprising investments in over 70 target funds and 11 co-investments with an indirect total portfolio of over 800 SMEs worldwide. In addition, a subsidiary of Marble House Capital has been mandated by three outside private equity funds-of-funds with a volume of approx. 68 million euros for Private Equity Services.
The Management of Marble House Capital has collectively acquired 30 years' experience in the international private equity business. As a specialized AIFM, Marble House Capital has been engaged for many years now in international business relations with institutional private equity partners in Helsinki, New York, Paris, Rotterdam, and Zurich.
Clients of Marble House Capital are private and commercial banks, German state-owned banking institutions ("Landesbanken") and savings banks, banking cooperatives, asset managers, financial service providers as well as family offices. Further particulars are available at: www.marblehouse.com
About BNY Mellon
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972. Following its acquisitions of BHF Asset Servicing and Frankfurter Service KAG in 2010 and Meriten Investment Management in 2012, the company now has more than 650 employees in Germany. In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, collateral management, depository receipts and client management. It has over 200 institutional relationships in Germany, including more than 20 DAX-listed corporations, and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region. For more information, see www.bnymellon.de.
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 March 31, 2014, BNY Mellon had $27.9 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 or follow us on Twitter @BNYMellon.
This press release is issued by The Bank of New York Mellon SA/NV to members of the financial press and media.
All information and figures source BNY Mellon International unless otherwise stated as at March 31, 2014.
The Bank of New York Mellon SA/NV is a Belgian public limited liability company (societe anonyme/naamloze vennootschap), with V.A.T. number BE 0806.743.159 and company number 0806.743.159 Brussels RPM-RPR, with statutory address 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a credit institution by the National Bank of Belgium (NBB), and a subsidiary of The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, with head office at One Wall Street, New York, NY 10286, U.S.A. The Bank of New York Mellon SA/NV is one of a number of firms through which BNY Mellon Asset Servicing operates. BNY Mellon Asset Servicing is a brand name used by The Bank of New York Mellon Corporation to cover a broad spectrum of specialized asset servicing capabilities.
Contact: Tim Steele
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SOURCE BNY Mellon