BNY Mellon has become the leading custody provider in Germany one year on from its acquisition of BHF Asset Servicing GmbH (BAS) and its affiliate Frankfurter Service Kapitalanlage-Gesellschaft mbH.
Company assets under custody and administration have risen by almost €100 billion, from €457 billion to €550 billion, as a result of organic growth in custody volumes.
Sister company BNY Mellon Service KAG, which also offers specialist administration services for funds and direct investments, has witnessed a rise in its assets from €112 billion to €120 billion over the past year.
BNY Mellon managing director Michelle Grundmann said: “The growth of almost €100 billion 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.”
The company has also said that it has not lost any of its customers since purchasing BAS and Frankfurter Service Kapitalanlage-Gesellschaft mbH.
BNY Mellon will look to ensure continued progress within the company by installing over 400 employees across three existing offices at a new site, the Messeturm building in Frankfurt.
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