A Hundred Billion And Counting For BONY

Jan 24 2007 | 11:24am ET

The Bank of New York has crossed the $100 billion threshold in hedge fund assets under administration, it said today. Just five years ago, the bank had just $16 billion under administration.

Last year alone, the bank saw its hedge fund assets jump 41%, and, “with institutional demand expected to triple by 2010, we are uniquely positioned to serve this burgeoning industry,” according to Executive Vice President Brian Ruane. BoNY attributes the increase to rapid growth in its fund of funds, multi-strategy and European-based clients.

Along with asset growth, the bank has also seen an increase in average fund size and in the number of fund structures serviced.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…