BNY Mellon Alternative Investment Services named largest UCITS administrator
BNY Mellon Alternative Investment Services (AIS), a leading hedge fund service provider, has been named the largest global administrator of alternative UCITS funds in a survey by the Absolute UCITS online publication.
BNY Mellon administered nearly $16bn of alternative UCITS assets for 22 funds as of January 2011. The company said it has seen growing demand for its UCITS services this year and expects this to continue as managers seek to expand their distribution potential and address investor concerns regarding liquidity and transparency.
“Investors are looking for enhanced transparency, liquidity and risk reporting from UCITS products,” said Marina Lewin, managing director, BNY Mellon Alternative Investment Services.
Since 2008, BNY Mellon AIS has doubled its total alternative assets under administration to more than $450bn. The rise was fuelled by growing momentum in hedge funds outsourcing their administration and the acquisition of PNC’s Global Investment Servicing business in July 2010.
“The evolving regulatory environment and trends in investor requirements are encouraging hedge funds providers to launch new UCITS products, and in many cases to refashion existing funds into the UCITS framework,” Lewin said.