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.”

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