BNY Mellon buys remaining piece of HedgeMark 02 May 2014US Reporter: Tammy Facey
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HedgeMark International will become a part of BNY Mellon’s asset servicing business, following the bank’s full acquisition of the service provider.
BNY Mellon has had a 35 percent stake in HedgeMark International since 2011. The bank has purchased the remaining 65 percent for an undisclosed sum, after agreeing a deal in February.
HedgeMark provides hedge fund managed accounts and risk analytic services. It will align with BNY Mellon’s global risk solutions and alternative investment services units.
Andrew Lapkin, CEO of HedgeMark, commented on the acquisition: "We look forward to becoming an even more integral part of BNY Mellon's investment services business.”
Samir Pandiri, BNY Mellon executive vice president and CEO of asset servicing, added: “HedgeMark's capabilities will help us deliver improved governance, risk reporting, and transparency to institutions with significant hedge fund investments."
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