BK OF NY MELLON CP COM STK USD0.01 : The Bank of New York Mellon Jumps to Third Place in Latest HFMWeek Ranking of Single Manager Hedge Fund Administrators
06/12/2009| 08:45am US/Eastern
Only top ten firm to grow single manager AUA over past year
NEW YORK, June 12 /PRNewswire-FirstCall/ -- The Bank of New York Mellon (NYSE: BK) was the only hedge fund administrator among the industry's top ten to report growth in single manager hedge fund assets under administration (AUA) in the latest HFMWeek survey. From April 2008 to April 2009, the Bank's single manager hedge fund AUA rose 2.4% to $157.5 billion, compared to an average 30.9% fall in asset levels for the other nine largest administrators over the same period.
As a result of its outperformance during a turbulent time for the markets, BNY Mellon climbed from sixth to third place overall in HFMWeek's 12th Biannual Hedge Fund AUA Survey of single manager administrators. The Bank also jumped from seventh to fourth place in total AUA (single manager and fund of hedge fund AUA combined). The compilation was based on responses from 70 firms with hedge fund administration businesses.
"The survey shows an industry-wide trend of decreasing AUA among administrators, with the exception of a handful that have shown some moderate growth ... The Bank of New York Mellon was the only hedge fund administrator out of the top ten - who hold the lion's share of all industry AUA - that reported any growth," according to HFMWeek.
"We've consistently gained market share as hedge funds seek partners with the services and financial strength to weather tough market conditions," said Brian Ruane, executive vice president of Alternative Investment Services at The Bank of New York Mellon. "We see no let up in this 'flight to strength' as hedge funds continue to turn to firms they can trust for comprehensive administration services, including cash management and custody. Our jump in the rankings clearly bears this out."
The Bank of New York Mellon is a leading hedge fund administrator with more than $200 billion in assets under administration and an extensive global presence, including locations in Bermuda, Cayman Islands, Hong Kong, Ireland, Luxembourg, Singapore and the United Kingdom, as well as US offices in California, Florida, Massachusetts, New Jersey, New York, Pennsylvania and Texas. In addition to administration the company offers a wide range of accounting, cash management, collateral management, custody, corporate trust, asset management and wealth management services to the hedge fund industry.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $19.5 trillion in assets under custody and administration, $881 billion in assets under management, services more than $11 trillion in outstanding debt, and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.
SOURCE The Bank of New York Mellon Corporation