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

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Strippers Accused Of Robbing Hedge-Fund Manager Face Jail

Oct 20 2014 | 9:20am ET

A group of alleged stripper-thieves—whose victims include a hedge-fund manager...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

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

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

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.