New York (HedgeCo.net) – Hedge fund service provider, BNY Mellon Alternative Investment Services (AIS), has topped $400 billion in assets under administration, making it the second largest provider of solutions to hedge funds, funds of hedge funds, and private equity investments globally.
“Alternative asset service providers will increasingly be looked upon to provide both the alternative solutions as well as the transparency managers want,” Brian Ruane, BNY Mellon chief executive officer of Alternative and Broker-Dealer Services, said. “Reaching this milestone is an achievement in itself, but the way in which we’ve grown our business globally attests to our ability to meet client needs in an evolutionary phase for the industry.”
BNY Mellon AIS has doubled its alternative assets under administration since 2008, fueled by increased market share and its acquisition of PNC’s Global Investment Servicing business last July. AIS is custodian for more than $120 billion in hedge fund assets, in addition to the over $400 billion it currently administers.
Ruane noted global macro hedge funds and those offering exposure to commodities, distressed debt, or requiring ‘prime custody’ services, are among the fastest growing segments of the global hedge fund services business. “We expect these trends to hold steady in 2011,” he added.
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