Allianz Global Investors will outsource accounting and data management for a number of discretionary mandates to BNY Mellon, which will service the mandates from Germany.
BNY Mellon said the mandates comprise international portfolios that include derivatives.
Michael Hartmann, head of operations Europe at Allianz Global Investors, said the cooperation with BNY Mellon was an important step towards “a target operating model”.
Many asset managers are exploring or extending outsourcing deals with asset servicing firms as a way to minimise operational costs. Increasingly complex regulatory demands have also been seen as a push towards more outsourcing deals.
Thomas Brand, head of investment services at BNY Mellon in Germany, said his firm was already one of Allianz Global Investors' largest custodians and described their relationship as “long and fruitful”.
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