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BNY Mellon has agreed to acquire BHF Asset Servicing GmbH from BHF-BANK Aktiengesellschaft and Sal. Oppenheim jr. & Cie. S.C.A. for EUR253m (USD343m), subject to regulatory approvals. This transaction will include the purchase of BHF Asset Servicing's wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft mbH (FSKAG). The deal is expected to close in Q3 2010 and will be funded internally. The deal will create the second largest asset servicing provider in Germany, with EUR473bn (USD642bn) in assets under custody and administration and a depotbank volume of EUR120bn (USD163bn). The new business in Germany will be headquartered in Frankfurt and have 340 staff. It will be headed by Michelle Grundmann from BNY Mellon, and Juergen Frank and Christopher Friedrich from BHF Asset Servicing. They will report to Nadine Chakar, EMEA head at BNY Mellon Asset Servicing. BHF Asset Servicing has EUR315bn (USD427.5bn) of assets under custody and administration and a depotbank volume of EUR94.4bn (USD128bn). FSKAG administers assets valued at EUR33.1bn (USD44.9bn). In 2005 BHF and The Bank of New York created a joint venture in Germany to provide asset servicing.
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