BNY Mellon has concluded the migration of DWS’s real estate fund accounting services, with $21bn in assets, to its platform.

The agreement was inked in 2015 and led to the creation of BNY Mellon’s Private Equity and Real Estate (PE&RE) fund services unit that was later rebranded as Private Markets Solutions.

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Under the agreement, DWS has outsourced real estate fund accounting, asset management accounting, and client and financial reporting functions to BNY Mellon.

As part of the agreement, 80 DWS fund finance team staff have joined BNY Mellon. These employees will be part of BNY Mellon’s Alternative Investment Services unit.

The agreement is said to streamline DWS’s real estate arm as well as offer cost and operational benefits for the firm.

BNY Mellon global head of Private Markets Solutions Alan Flanagan said: “Through this transition, we took the opportunity to invest in platform enhancements from which all BNY Mellon customers and prospects can benefit.

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“We now offer a single, scalable platform for property and investment accounting that is global but also tailored to the specific needs of pan-European real estate businesses.”

DWS head of real estate Europe Georg Allendorf added: “Transferring services such as fund accounting to specialist third party providers allows us to streamline our business and drive cost and efficiency benefits.”