The Bank of New York Mellon, a global financial services company, has launched a credit fund service for alternative fund managers that combines loan administration, fund administration
The Bank of New York Mellon, a global financial services company, has launched a credit fund service for alternative fund managers that combines loan administration, fund administration and investor services.
The Bank of New York Mellon says there is currently a void between loan and fund administration, which are typically delivered to fund sponsors by different providers.
It has therefore combined these and other services into a single offering.
David Aldrich, managing director of alternative investment services at The Bank of New York Mellon in Europe (photo), says: ‘In today’s turbulent credit markets, investment managers need a trusted and experienced partner to mitigate potential risks and provide an integrated administration solution for funds designed to capitalize on certain market conditions. As a leading provider of both loan and hedge fund administration services, we are able to offer a bundled credit fund service which will fulfill the manager’s needs holistically.’
The service combines offerings from The Bank of New York Mellon’s alternative investment services and global corporate trust businesses.
The company currently provides hedge fund administration services to more than 130 clients and 700 funds with total assets under administration or more than USD200bn.
In addition, its global corporate trust business services USD12trn in outstanding debt from 56 locations around the world covering all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities and international debt offerings.
