Friday, 24 February 2017
Last updated 14 hours ago
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.