Allianz Global Investors (AGI) has awarded a contract to provide outsourced data and accounting services for a range of its funds to BNY Mellon.
The bank will manage the services for a range of AGI discretionary mandates, which include derivatives and securities. The financial giant manages some €300 billion (approximately $389 billion) in retail funds, special funds and discretionary mandates.
"Given the harmonization of processes and efficiency gains, the cooperation with BNY Mellon is an important step towards a target operating model," says Michael Hartmann, head of operations, Europe at Allianz. "In an international company like AGIs, it is even more important to install cross-departmental systems and processes that can be used globally."
The mandates will be serviced by BNY Mellon Service Kapitalanlage-Gesellschaft mbH.
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