US custodian bank BNY Mellon has expanded its 11-year partnership with CIFC by adding the alternative credit specialist’s strategy to the global distribution platform of its investment arm, BNY Mellon Investment Management.
The move will give the investment firm’s clients in Asia Pacific, Europe Middle East and Africa access to CIFC’s US direct lending strategy on the platform, the bank says in a statement on March 21.
BNY Mellon’s ties with New York-based CIFC, which manages over US$41 billion of assets, started in 2013 when it began offering asset servicing to the firm.
“The partnership comes to fruition at a time when the private credit market is benefiting from cyclical and secular growth trends; European institutions are under-allocated, and demand from investors is increasing globally,” the bank says.
New York-based BNY Mellon had $47.8 trillion of assets under custody and/or administration as of December 2023.
