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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.46 | -0.81% | 56.03 | 56.93 | 56.08 | 56.53 | 4,053,957 | 01:00:00 |
By Micah Maidenberg
The Bank of New York Mellon Corp. plans to close a fund-management subsidiary that invested in various hedge funds, as demand for such investment vehicles wanes.
BNY Mellon Investment Management, the company's asset manager, said in a statement Monday it intends to wind down, as a stand-alone business, a subsidiary called EACM Advisors LLC, a fund of hedge funds manager. The subsidiary isn't accepting new investors and $2.1 billion will be returned as investments are sold, according to BNY.
Des Mac Intyre, BNY Mellon Investment Management's chief executive for U.S. asset management, said in prepared remarks that "the overall demand for fund of hedge funds strategies has diminished."
"Following a market evaluation, we no longer see the fund of hedge funds category as a stand-alone offer," he added. Mr. Mac Intyre will assume the EACM Board Chairman role as the venture is wound down.
Based in Norwalk, Conn., EACM says on its website it began developing and managing "customized hedge fund portfolios for institutional and high-net-worth investors" in 1991 and had clients from across Asia, North America and other regions. Creating custom portfolios represented more than 70% of the firm's hedge fund business, the site says.
BNY is also is liquidating its Dreyfus Select Managers Long/Short mutual fund. EACM served as the portfolio allocation manager for that investment vehicle, according to the bank.
Two other funds -- focused on small-capitalization value and small-capitalization growth investments -- will be managed by BNY Mellon Investment Management. EACM serves as the allocation manager for both, which combined have assets of $1.8 billion.
A spokesman for New York-based Bank of New York declined to comment.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
September 24, 2018 17:56 ET (21:56 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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