CNNMoney.com- Bank of New York Mellon Corp. (BK) said Tuesday its alternative investment services business has surpassed $200 billion in hedge fund assets under administration.
The New York financial services giant said the milestone reflects "rapid global growth in the firm’s servicing of funds of hedge funds and multistrategy hedge funds."
Bank of New York said in the last five years, it has grown hedge fund assets under administration to $200 billion from $30 billion. In 2007, assets under administration rose 94%.
