NEW YORK - BNY Mellon (NYSE:BK), a global leader in financial services, has announced the enhancement of its partnership with CIFC, an alternative credit specialist, to offer BNY Mellon Investment Management clients access to CIFC's U.S. direct lending capabilities. This collaboration integrates CIFC's direct lending strategy into BNY Mellon's global distribution platform, extending its reach to clients in EMEA and APAC regions.
Cathinka Wahlstrom, Chief Commercial Officer at BNY Mellon, highlighted the decade-long relationship with CIFC and the company's commitment to supporting clients throughout their lifecycle. She emphasized the importance of this partnership in BNY Mellon's 240th year of operation, aligning with their tradition of innovation and client-focused service.
John DiRocco, Chief Operating Officer at CIFC, expressed enthusiasm about the partnership's evolution and the opportunity it presents for international growth, citing BNY Mellon's extensive distribution network and deep investor relationships as key advantages.
The private credit market is currently experiencing growth due to both cyclical and secular trends, with European institutions showing a particular under-allocation and a rising global investor demand. Matt Oomen, Global Head of Distribution at BNY Mellon Investment Management, pointed out the growing interest in U.S. private credit and the benefits this partnership offers to clients seeking innovative investment solutions.
BNY Mellon, with a heritage spanning 240 years, provides a suite of services including asset custody and management, supporting a vast array of clients such as Fortune 100 companies, top banks, governments, and pension plans. As of December 31, 2023, the company oversees $47.8 trillion in assets under custody/administration and $2.0 trillion in assets under management.
CIFC, established in 2005, focuses on alternative credit solutions, managing over $41 billion in assets. The firm's acquisition of LBC Credit Partners in December 2021 expanded its presence in the private credit market.
This partnership is based on a press release statement.
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