BNY Mellon Trust & Depositary (UK) has been appointed as depositary to CB Richard Ellis Investors’ newly launched Property Authorised Investment Fund (PAIF). BNY Mellon Asset Servicing will act as custodian to the fund.
The CB Richard Ellis UK Property Fund is the first PAIF to offer daily dealing and liquidity for investors (via a master-feeder fund structure). Offering investors exposure to a diversified UK commercial portfolio, the fund allows DC pension investors access to a PAIF run by a purely property specialist investment manager.
Nick Preston, senior director at CB Richard Ellis Investors, said: “BNY Mellon brings together expertise and experience in supporting new products as a depositary with significant strength and scale as the world’s leading custodian. BNY Mellon’s flexibility and its commitment to finding the right solution were a great fit for our new fund, and we look forward to working closely with them going forward.”
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