BHF Asset Servicing and FSKAG will become part of BNY Mellon’s asset servicing business. The new combined German business will have EUR473bn in assets under custody and administration and a depotbanking volume of EUR120bn. In addition, the acquisition expands BNY Mellon’s existing capabilities to encompass the provision of German domestic custody and KAG fund administration.
Tim Keaney, chairman of Europe at BNY Mellon and co-CEO of BNY Mellon Asset Servicing, said: “This transaction expands our capabilities and market share in one of the world’s largest fund markets, positioning BNY Mellon at the forefront among securities servicing providers in Germany and creating a strong platform for growth across our businesses.”
Juergen Frank, spokesman of the managing board at BHF Asset Servicing, said: “Becoming a part of the world’s leading asset servicing provider, whose scale, geographic reach and commitment to this business is second to none, is an extremely exciting proposition. It will provide many new opportunities for BHF Asset Servicing clients and staff.”
Michelle Grundmann, MD and branch head of BNY Mellon in Frankfurt am Main, said: “We’ve had a successful relationship with BHF-BANK for more than seven years and this transaction was the next logical step for our growing business, one that further underlines our long-term commitment to the German market. Continuity of personnel and service levels will remain our number one priority. As the success of our own post-merger integration demonstrates, BNY Mellon possesses the expertise and resources necessary to ensure that we continue to offer clients the innovation and excellent service they have come to expect.”
The new BNY Mellon Asset Servicing business in Germany will offer a full range of tailored solutions for investment companies, financial institutions and institutional investors. It will be headquartered in Frankfurt am Main and have 340 staff. It will be headed by Mr Grundmann and Mr Frank and Christopher Friedrich from BHF Asset Servicing. They will report to Nadine Chakar, head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing.
