BNY Mellon has expanded its partnership with CIFC to offer the alternative credit specialist’s US direct lending strategy to its clients in the EMEA and APAC regions.
BNY Mellon’s investment management arm oversees $2tn (£1.6tn) of assets across a number of strategies but has utilised its relationship with CIFC to boost its private markets offering.
“CIFC has been a valued client of BNY Mellon’s for over 10 years,” said Cathinka Wahlstrom, chief commercial officer at BNY Mellon. “Starting with asset servicing, our ongoing partnership is expanding to include our investment management distribution platform and exemplifies how BNY Mellon’s market-leading suite of solutions can support our clients at every stage of their lifecycle.”
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John DiRocco, chief operating officer at CIFC, said: “We’re excited to evolve our relationship with BNY Mellon and see a huge opportunity to partner with the firm’s Investment Management business.
“With its global distribution footprint, local knowledge and experience working with firms like ours, BNY Mellon is an ideal partner as we look to the next stage of our international growth.”
BNY Mellon noted that the private credit market is benefitting from cyclical and secular growth trends at the moment, with European institutions under-allocated and demand from investors increasing globally.
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“Our clients continue to look for innovative investment solutions across both public and private markets, specifically US private credit,” added Matt Oomen, global head of distribution at BNY Mellon Investment Management. “This partnership gives our clients exposure to the benefits US private credit has to offer, whilst enabling CIFC to access our extensive, deep investor relationships across the regions, as well as some of the largest pools of capital available.”
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