BNY Mellon Alternative Investment Services tops $400 billion in assets

One of the leading hedge fund service providers has announced that it has topped $400 (£250 billion) billion in assets under administration.

This announcement makes BNY Mellon Alternative Investment Services the second largest provider of solutions to hedge funds and private equity investments globally.

The growth is the result of an increased market share and an acquisition of PNC's Global Investment Servicing business last July.

Furthermore, it has seen a stronger demand from hedge fund managers for the company's 'prime custody' service, which offers them the comfort and convenience of an independent third-party provider managing custody and cash management services.

Brian Ruane, BNY Mellon chief executive officer of Alternative and Broker-Dealer Services, said: "Alternative asset service providers will increasingly be looked upon to provide both the alternative solutions as well as the transparency managers want."

According to Mr Ruane, some of the fastest growing aspects of the global hedge fund services business included those that offer exposure to commodities and distressed debt.

Vestra Wealth recently announced its new Hedge Fund Advisory Service, aimed at clients looking for advice and guidance on alternative investments.

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