BNY Mellon holds clients tight one year since custody M&A

BNY Mellon has revealed it has not lost a single custodian customer in Germany as a result of buying BHF Asset Servicing (BAS) and affiliate Frankfurter Service Kapitalanlage-Gesellschaft one year ago.

Juergen Frank, managing director at BNY Mellon Asset Servicing in Germany, said: “We have retained every customer [and] further enhanced the quality of our client service.

“The integration effort has been made simpler given that all legacy BAS clients’ holdings were already on the BNY Mellon custody platform, due to the pre-merger relationship between BAS and BNY Mellon.”

BNY Mellon is custodian or administrator to €550bn of assets in Germany, a 20% increase from €457bn when it completed the purchase of BAS a year ago. In addition is is depot bank for €120bn.

Organic growth in custody volumes in Germany has been resposible for much of the increase, the company said. BNY Mellon has €23.6trn under custody and administration globally.

BNY Mellon Service KAG has also seen assets increase, for fund administration in Germany, from  €112bn to €120bn over the past year.

On announcing the BAS purchase in March, BNY Mellon also announced it would target assets under custody of more than €500bn by the end of 2010.

Michelle Grundmann (pictured), managing director at BNY Mellon Asset Servicing in Germany, said: “We have comfortably exceeded that target, and we are well positioned to take on further new business.

“Growth of almost €100bn in custody assets over the past 12 months demonstrates that clients and prospects continue to recognise our expertise and our commitment to the business here in Germany.”

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