This is a newly-created role fueled by growing demand from real estate and private equity managers for fund administration and outsourcing services, BNY Mellon said today.

BNY Mellon has appointed Alan Flanagan to the new role of global head of private equity and real estate fund services.

Flanagan will continue to be based in Dublin and report to Frank La Salla, chief executive of BNY Mellon's Alternative Investment Services business in New York.

As a new unit within AIS, PE&RE Fund Services will include over $100 billion in assets under administration and over 150 employees globally.

Most recently, Flanagan was global head of product management for AIS, and will be succeeded in this role by Robert Chambers, who joins BNY Mellon from Balestra Capital.

“We're seeing vibrant growth opportunities in this space as investors pursue new strategies and increase allocations to private equity and real estate,” said La Salla. "Alan was instrumental in orchestrating our signature agreement with Deutsche AWM.”

Flanagan joined BNY Mellon in 2007 from UBS Fund Services (Cayman), where he was head of business development-Americas.

In February, BNY Mellon and Deutsche Asset & Wealth Management announced an agreement through which Deutsche will outsource its real estate and infrastructure fund accounting, and parts of its reporting functions, to BNY Mellon.