Tuesday, 21 October 2014
Last updated 9 min ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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…
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