Bernheim, Dreyfus & Co Signs Deal With BofAML

Mar 23 2012 | 11:19am ET

Paris-based merger arbitrage specialist Bernheim, Dreyfus & Co. has appointed Bank of America Merrill Lynch as an additional prime broker for the Diva Synergy Fund and the Diva Synergy UCITS Fund.

Under the terms of the agreement, BofAML will provide financing and settlement services to the funds, regarding the purchase and sale of securities entered into by the funds, with either third parties or BofAML. Bernheim says the nature and type of transaction will determine the allocation of fund assets between BofAML and the current prime broker.

Over the last 36 months, the Diva Synergy Fund has gained 7.4% while the UCITS version has returned 2.44% since inception in June 2011.

The Diva Synergy team, led by Bernheim CEO Amit Shabi, expects M&A activity to pick up steadily in 2012 as cash-rich corporations and private equity firms, with more available financing, begin deploying capital in stronger capital markets. The firm points to technology, industrials, natural resources and healthcare as sectors most likely to actively consolidate.

Said Shabi, in a statement: “After analyzing the different counterparties, we have decided to appoint BofA Merrill Lynch and are excited to start our business relationship with its renowned lending and operational crew as well as with its first-class capital introduction team.”


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of