The Bank of New York Mellon Launches New Service for Credit Opportunity Funds
November 19 2008 - 8:30AM
PR Newswire (US)
NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon, the global leader in asset management and securities
servicing, has launched an enhanced credit fund service for
alternative fund managers that combines loan administration, fund
administration and investor services in one complete solution. As
the universe of tailored credit opportunity funds has grown, it has
highlighted the void between loan and fund administration, which
are services typically delivered to fund sponsors by different
providers. The Bank of New York Mellon has combined these and other
services into a single offering to unify the servicing requirements
of the funds' underlying investments. 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. 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
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. The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients manage and
service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has more than $22.4 trillion in assets under custody and
administration, more than $1.1 trillion in assets under management
and services $12 trillion in outstanding debt. Additional
information is available at bnymellon.com. DATASOURCE: The Bank of
New York Mellon Corporation CONTACT: Kevin Heine of The Bank of New
York Mellon Corporation, +1-212-635-1590, Web Site:
http://www.bnymellon.com/
Copyright