Mon, Feb 20, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

BNY Mellon to acquire full ownership of HedgeMark International, LLC

Tuesday, February 25, 2014
Opalesque Industry Update - BNY Mellon, a global leader in investment management and investment services, announced that it has signed an agreement to acquire the remaining 65% interest of HedgeMark International, LLC, a current affiliate and a provider of hedge fund managed account and risk analytic services.

The deal is expected to close in the second quarter, subject to regulatory approval. Financial terms of the transaction were not disclosed. BNY Mellon has held a 35% ownership stake in HedgeMark since 2011.

Founded in 2009 and headquartered New York, HedgeMark assists in the structuring, oversight, and risk monitoring of hedge funds, specifically dedicated managed accounts. More and more, institutional investors globally are using dedicated managed accounts – single investor funds – as a way to invest in hedge funds that allow for greater customization, transparency, liquidity and control.

“As institutional clients continue their shift into alternatives, especially hedge funds, this acquisition will enable us to better meet demands for improved governance, risk reporting, and transparency,” said Samir Pandiri, BNY Mellon executive vice president and CEO of Asset Servicing. “We’ll be able to integrate HedgeMark’s capabilities with our Global Risk Solutions offerings to set a new industry benchmark on risk and transparency. It marks the next step in our strategy to provide sharper insight into hedge fund investments and enterprise risk across a client’s entire portfolio.

“We want to thank Ken Phillips, HedgeMark's founder and CEO, for his tremendous contributions building HedgeMark into a recognized and respected industry player in such a short time. He’s been a dedicated leader and driving force behind their success,” said Pandiri.

Phillips has announced his intention to retire when the transaction is completed. HedgeMark's board of directors will appoint Andrew Lapkin, current president, as its new CEO. Lapkin will help supervise the transition and report to Pandiri after the closing. “Andrew will bring deep experience and a sharp focus as we move forward together,” Pandiri added.

"HedgeMark has collaborated closely with BNY Mellon's investment services business these last three years to deliver client- and market-driven solutions for the alternatives industry,” said Lapkin. “We look forward to taking our partnership to the next level in the years ahead."

BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.

BNY

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Europe - Brexit - Updated legal guide, Euro exchange rates set to tumble as hedge fund's super computer predicts Marine Le Pen will be next French president, Swiss fund market hits all-time high[more]

    Brexit - Updated legal guide From Herbertsmithfreehills.com: When we began analysing in depth the possibility of Britain exiting the EU (Brexit), 18 months prior to the June 2016 referendum, the business consensus was very much that Brexit was a remote prospect that either would never hap

  2. People - Gramercy appoints Bradshaw McKee as managing director of Capital Solutions, Trump taps Cerberus's Feinberg to lead intelligence review[more]

    Gramercy appoints Bradshaw McKee as managing director of Capital Solutions Gramercy Funds Management LLC, a $5.8 billion dedicated emerging markets investment manager, today announced the appointment of Bradshaw McKee to the position of Managing Director, Capital Solutions and Distressed

  3. Hedge fund investor redemptions accelerate through 2016[more]

    Despite hedge funds returning 7.40% over 2016, investors continued to withdraw capital over the year; the industry saw overall net asset outflows totalling $110bn in 2016. Preqin's latest research finds that the rate of redemptions accelerated through the year, from net outflows of $14bn in Q1 to $4

  4. Manager Profile - Eddie Lampert: a painful entanglement with Sears[more]

    From Moneyweek.com: "In the long run we are all dead." Lex in the Financial Times reached for the famous quote from John Maynard Keynes in January when, after a long and unforgiving decline, the clock finally appeared to be running out on Sears, the iconic US department store group. Yet the group's

  5. Investing - Hedge funds quit Aberdeen shorts as shares begin to recover, Hedge funds' next big short: U.S. malls, O'Connor fund owns 9.5% of Protalix Biotherapeutics, U.S. hedge fund takes position in Macau hotel The 13[more]

    Hedge funds quit Aberdeen shorts as shares begin to recover From Investmentweek.co.uk: The last two hedge funds to short Aberdeen Asset Management have removed their positions, as the fund group's shares begin to show signs of recovery after a difficult few years. According to the Financ