The new offering has been launched by the Bank of New York Mellon, which notes that, as the universe of tailored credit opportunity funds has grown, it has highlighted the void between loan and fund administration – services typically delivered to fund sponsors by different providers. According to a press release, the Bank of New York Mellon has now combined these and other services into a single offering to “unify the servicing requirements of the funds’ underlying investments.”
The new 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 $200 billion. In addition, its global corporate trust business services $12 trillion 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, according to the firm.
David Aldrich, managing director of Alternative Investment Services at The Bank of New York Mellon in Europe, said: “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.”
Additional information is available at bnymellon.com .