Sunday, 24 May 2015
Last updated 2 days ago
Apr 28 2006 | 3:10pm ET
In an effort to keep a leg up in the increasingly competitive hedge fund services space, BNY Brokerage, which saw its hedge fund business grow by 30% last year, has formed a new unit that will cater specifically to hedge fund managers.
"Within BNY Brokerage we've been serving hedge funds for many years," said Carey Pack, president of The Bank of New York subsidiary. "What we have decided to do is restructure and put a dedicatedteam together that would be better able to determine the specific needs for hedge funds and match them with the services that we have to offer."
The six-member unit will provide electronic trading tools, commission management services and independent research. It is being headed up by Mark Perdigao, managing director, who was previously with the firm's institutional sales group. He has been joined by sales people and traders from inside the bank who were already working with hedge funds.
"We know the hedge fund community has been growing very fast and gotten a larger share of the commission budgets around Wall Street, and we need to continue to refine our business model," Pack said. "We don't see any reason why that will slow down…ut we are going to continue to focus in and develop products and resources as we need to."
The new unit will serve clients with upwards of $20 million in assets under management.
"We find that the smaller clients are particularly well-suited for our broker assisted trading," Pack said. "Larger hedge funds are well-suited for our independent research, which is through BNY Jaywalk, as well as other targeted research, and we are also seeing the largest hedge funds looking at our wholesale set of execution services."
BNY Brokerage has around 200 hedge fund clients, and its parent company, The Bank of New York, has more than $65 billion in hedge fund assets under administration it its various subsidiaries.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…