BNY Mellon Completes Acquisition of BHF Asset Servicing
BNY Mellon has completed its acquisition of BHF Asset Servicing from BHF-Bank Aktiengesellschaft and Sal. Oppenheim jr & Cie SCA. The transaction, first announced on 8 March 2010 and which closed on 1 August 2010, also includes the purchase of BHF Asset Servicing’s wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft (FSKAG). BHF Asset Servicing and FSKAG become part of BNY Mellon’s global asset servicing business.
Tim Keaney, chairman of Europe at BNY Mellon and co-chief executive officer (CEO) of BNY Mellon Asset Servicing, said: “We continue to enhance our leadership position globally by strengthening our local expertise and capabilities in a number of attractive markets. This transaction expands our offering in Germany to allow us to provide a full range of tailored solutions to investment companies, financial institutions and institutional investors.”
The new combined German business has €569bn in assets under custody and administration and a depotbanking volume of €122bn.