The Bank of New York Mellon has appointed Alan Flanagan to the newly-created role of global head of Private Equity & Real Estate Fund Services.
Flanagan, who was global head of product management for BNY Mellon’s Alternative Investment Services (AIS), will continue to be based in Dublin. He will report to Frank La Salla, chief executive of AIS in New York.
BNY Mellon hired Robert Chambers from Balestra Capital, where he was managing director, to be its new global head of product management for AIS.
The bank said Flanagan’s new role was created because of growing demand from real estate and private equity managers for fund administration and outsourcing services.
As a new unit within AIS, PE&RE Fund Services will comprise more than $100bn in assets under administration and over 150 employees worldwide. Flanagan will be responsible for overseeing global business and driving growth.
“We’re seeing vibrant growth opportunities in this space as investors pursue new strategies and increase allocations to private equity and real estate,” said La Salla. “Alan was instrumental in orchestrating our signature agreement with Deutsche Asset & Wealth Management. During his tenure as head of product he led many projects to better serve our hedge fund and private equity clients.”
In February, BNY Mellon and Deutsche Asset & Wealth Management announced Deutsche would outsource its real estate and infrastructure fund accounting and parts of its reporting functions to BNY Mellon. The fund has more than $45bn in assets under management.
Flanagan joined BNY Mellon in 2007 from UBS Fund Services where he was head of business development in the Americas.
BNY Mellon has more than $760bn of alternative assets under administration.