BNY Mellon has agreed to purchase the remaining 65% stake in HedgeMark International, a current affiliate and a provider of hedge fund managed account and risk analytic services.
BNY Mellon has held a 35% ownership stake in HedgeMark since 2011. The deal is expected to close in the second quarter, subject to regulatory approval.
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Founded in 2009, HedgeMark assists in the structuring, oversight, and risk monitoring of hedge funds, specifically managed accounts.
Additionally, HedgeMark will appoint its current president Andrew Lapkin as its new CEO as Ken Phillips has decided to retire once the transaction is completed.
In his new role, Lapkin will be responsible for supervising the transition and report to Samir Pandiri, executive vice president and CEO of asset servicing at BNY Mellon.
Commenting on the agreement, Pandiri said: "As institutional clients continue their shift into alternatives, especially hedge funds, this acquisition will enable us to better meet demands for improved governance, risk reporting, and transparency.
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By GlobalData"We’ll be able to integrate HedgeMark’s capabilities with our Global Risk Solutions offerings to set a new industry benchmark on risk and transparency. It marks the next step in our strategy to provide sharper insight into hedge fund investments and enterprise risk across a client’s entire portfolio."
Financial terms of the transaction were not disclosed.
