BNY Mellon has completed its acquisition of BHF Asset Servicing from BHF-Bank Aktiengesellschaft and Sal. Oppenheim jr. & Cie. The transaction, first announced in March 2010, also includes the purchase of BHF Asset Servicing’s wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft (FSKAG).

According to BNY Mellon, the new combined German business has EUR569bn in assets under custody and administration and a depotbanking volume of EUR122bn.

Headquartered in Frankfurt am Main with 352 staff, the new combined business is headed by Juergen Frank, Michelle Grundmann and Christopher Friedrich. They report to Frank Froud, head of EMEA at BNY Mellon Asset Servicing.

BHF Asset Servicing and FSKAG become part of BNY Mellon’s global asset servicing business. The acquisition expands BNY Mellon’s existing capabilities to include German domestic custody and KAG fund administration.

Tim Keaney, chairman of Europe at BNY Mellon and co-CEO of BNY Mellon Asset Servicing, said: “This transaction expands our offering in Germany to allow us to provide a full range of tailored solutions to investment companies, financial institutions and institutional investors.

“BHF Asset Servicing is a very valuable and well-respected provider, one with whom we have enjoyed a very successful partnership since 2002. The business is highly complementary to our own German asset servicing operation and offers a strong platform to support expansion across our other businesses.”