BNY Mellon completes acquisition of BHF Asset Servicing GmbH
02 August 2010 Frankfurt
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BNY Mellon, has completed its acquisition of BHF Asset Servicing GmbH from BHF-BANK Aktiengesellschaft and Sal. Oppenheim jr. & Cie. S.C.A. The transaction, first announced on March 8, 2010 and which closed on August 1, 2010, also includes the purchase of BHF Asset Servicing's wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft mbH (FSKAG).
BHF Asset Servicing and FSKAG become part of BNY Mellon's global Asset Servicing business. The transaction makes BNY Mellon the #2 provider by assets held in this key European market, the world's fourth largest economy. In addition, the acquisition expands BNY Mellon's existing capabilities to include German domestic custody and KAG fund administration.
Tim Keaney, Chairman of Europe at BNY Mellon and co-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."
"BHF Asset Servicing is a very valuable and well-respected provider, one with whom we have enjoyed a very successful partnership since 2002," Keaney added. "The business is highly complementary to our own German asset servicing operation and offers a strong platform to support expansion across our other businesses. By bringing our two companies together, we are in a very strong position to support our clients in Germany as they pursue their business goals in an environment characterised by ever greater complexity and heightened compliance requirements."
The new combined German business has EUR569 billion* (USD744 billion) in assets under custody and administration and a depotbanking volume of EUR122 billion (USD159 billion).
Headquartered in Frankfurt am Main with 352 staff, the new combined business is headed by Juergen P. Frank, Michelle Grundmann and Christopher V. Friedrich. They report to Frank Froud, Head of EMEA at BNY Mellon Asset Servicing.
The purchase price was EUR253 million (USD330 million) and the acquisition is expected to be accretive in the first year.
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972 and following this transaction has 572 people in Germany. In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, depository receipts and client management. It has over 100 institutional relationships in Germany and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region.
*Includes EUR112 billion held by FSKAG
BHF Asset Servicing and FSKAG become part of BNY Mellon's global Asset Servicing business. The transaction makes BNY Mellon the #2 provider by assets held in this key European market, the world's fourth largest economy. In addition, the acquisition expands BNY Mellon's existing capabilities to include German domestic custody and KAG fund administration.
Tim Keaney, Chairman of Europe at BNY Mellon and co-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."
"BHF Asset Servicing is a very valuable and well-respected provider, one with whom we have enjoyed a very successful partnership since 2002," Keaney added. "The business is highly complementary to our own German asset servicing operation and offers a strong platform to support expansion across our other businesses. By bringing our two companies together, we are in a very strong position to support our clients in Germany as they pursue their business goals in an environment characterised by ever greater complexity and heightened compliance requirements."
The new combined German business has EUR569 billion* (USD744 billion) in assets under custody and administration and a depotbanking volume of EUR122 billion (USD159 billion).
Headquartered in Frankfurt am Main with 352 staff, the new combined business is headed by Juergen P. Frank, Michelle Grundmann and Christopher V. Friedrich. They report to Frank Froud, Head of EMEA at BNY Mellon Asset Servicing.
The purchase price was EUR253 million (USD330 million) and the acquisition is expected to be accretive in the first year.
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972 and following this transaction has 572 people in Germany. In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, depository receipts and client management. It has over 100 institutional relationships in Germany and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region.
*Includes EUR112 billion held by FSKAG
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