New York-based BNY Mellon has expanded product access in Asia to a US asset manager specializing in alternative credit.
BNY Mellon has expanded its partnership with US alternative credit specialist CIFC, according to a statement. Moving forward, BNY Mellon Investment Management will have access to CIFC’s US direct lending strategy on its global distribution platform for clients across EMEA and APC.
«CIFC has been a valued client of BNY Mellon's for over 10 years,» said Cathinka Wahlstrom, BNY Mellon’s chief commercial officer. «Starting with asset servicing, our ongoing partnership is expanding to include our investment management distribution platform.»
Investor Demand
In Asia, private banks remain positive on investing in private credit despite a relatively less favorable environment driven by an expected decline in base rates, a return of traditional lenders and rising credit costs. According to BNY Mellon, the private credit market is benefiting from «cyclical and secular growth trends», adding that European institutions are under-allocated while investor demand is increasing globally.
«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.
