BNY Mellon completes takeover of hedge fund monitoring firm

Signing contractBNY Mellon has signed a deal to acquire the remaining 65% of HedgeMark International, a hedge fund monitoring and analytics firm in which it has owned a 35% stake since 2011.

Founded in 2009, New York-based HedgeMark handles structuring, oversight and risk monitoring for hedge funds, specifically for managed accounts of institutional investors.

“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,” says Samir Pandiri, BNY Mellon chief executive of asset servicing.

Ken Phillips, HedgeMark founder and chief executive, says he will retire when the transaction is completed, to be succeeded as chief executive by Andrew Lapkin, current president.

"HedgeMark has collaborated closely with BNY Mellon's investment services business these last three years to deliver client and market-driven solutions for the alternatives industry,” says Lapkin. “We look forward to taking our partnership to the next level in the years ahead.”

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