BNY Restructures Funds Of Funds; Ivy CEO Out

Jan 20 2010 | 12:09pm ET

Ivy Asset Management is no longer a family business: Sean Simon, the firm’s CEO and son of its founder, has left the firm as parent Bank of New York Mellon moves to exert greater control over the firm.

BNY Mellon said Ivy and three other fund of hedge funds units at the firm will now report directly to Phil Maisano, head of alternative investments at BNY Mellon Asset Management. Two of the other groups, EACM Advisors and Mellon Global Alternative Investments will be merged under the EACM umbrella, with EACM CEO Bill Cerend being named chairman of the combined unit. All told, the BNY Mellon fund of funds group has more than $8 billion in assets under management.

For Ivy, losing a CEO may be only the beginning: The firm, which manages just over a third of the assets it had three years ago, is in line for a “strategic review,” BNY Mellon said.

Simon, son of Lawrence Simon, who sold Ivy to BNY Mellon in 2000, served as sole CEO for just a year, after jointly running it with Michael Singer for several years. BNY Mellon said he would “pursue other interests” and named Larry Morgenthal, Ivy’s chief operating officer, to succeed him.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.