Mellon to sell off its HBV hedge fund arm

By: Deborah Brewster, Financial Times
Published: December 6, 2006

Notwithstanding BNY Mellon’s apparent affection for hedge funds, it looks like certain illiquid strategies just don’t make the grade.  The newly-minted firm announced today that it would shed its Mellon HBV division – selling it back to previous owner, Mickey Harley, who is currently the group’s chief.  The firm will be called Fursa Alternative Strategies and will pursue non-US activist strategies.

Harley tells the Financial Times:

“We believe Fursa can pursue its more principal-oriented investment strategies more effectively as a separate entity.”

Meanwhile, it looks like BNY Mellon may focus on more liquid hedge fund strategies.  According to the Financial Times:

“Mellon has more than $20bn in hedge fund and alternative assets, and has pushed much of it into liquid strategies such as market-neutral and currency funds.”

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