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.