BNY Mellon (NYSE:BK) watched its shares just clear breakeven Wednesday. The company, a leading global financial services company, today announced an expanded partnership between alternative credit specialist CIFC and BNY Mellon Investment Management (BNY Mellon IM).
Building on a long-standing relationship between BNY Mellon and CIFC, this expanded partnership will see BNY Mellon IM having access to CIFC's U.S. direct lending strategy on its global distribution platform for clients across EMEA and APAC where the product is available for sale.
"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. In our 240th year of business, we are proud to leverage centuries of expertise as we partner with clients to understand their unique objectives and innovate to expand their capabilities."
The partnership comes to fruition at a time when the private credit market is benefiting from cyclical and secular growth trends; European institutions are under-allocated, and demand from investors is increasing globally.
BK shares inched forward eight cents to $55.32.
