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Laxman Pai, Opalesque Asia: BNY Mellon Investment Management, the Bank of New York Mellon Corp's asset manager, has announced its intention to close EACM Advisors, its multi-manager and fund of hedge funds investment manager based in Norwalk, Connecticut.
As a fund-management subsidiary that invested in various hedge funds, EACM managed $3.9bn in a combination of long-only and fund of hedge funds strategies.
EACM Advisors will no longer operate as a standalone business, with its long-only investments to be managed within BNY Mellon Investment Management.
According to the statement, a further $2.1bn in fund of hedge fund strategies will be closed to new investors and existing capital returned to investors. Liquidation is expected to occur on or about 30 November 2018.
As part of this change, management recommended and the Dreyfus Fund Board approved the liquidation of Dreyfus Select Managers Long/Short mutual fund, for which EACM is the portfolio allocation manager.
Dreyfus' two long-only mutual funds for which EACM serves as portfolio allocation manager - Dreyfus Select Managers Small Cap Value Fund and Dreyfus Select Managers Small Cap Growth Fund - with combined assets of $1.8bn, will continue to be managed within BNY Mellon Investment Management, the statement explained.
Des Mac Intyre, CEO of U.S. Asset Management at BNY Mellon Investment Management and a member of EACM's Board of Directors, will assume the role of EACM Board Cha...................... To view our full article Click here
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