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Rating:Want to Launch a 130/30 Fund? Talk to BoNY
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Tuesday, September 25, 2007

Want to Launch a 130/30 Fund? Talk to BoNY

News summary by MFWire's editors

As 130/30 fund fever sweeps the mutual fund industry, one custodial just released a platform specifically for the new hot investment strategy. On Tuesday the Bank of New York Mellon revealed what it claims is the first ever platform to give 130/30 managers (be they hedge funds, limited partnerships, mutual funds or separately managed accounts) "complete support." The new platform involves an enhancement of BoNY Mellon's Pershing prime brokerage business.

The Bank of New York Mellon Introduces First Platform to Provide Complete Support for 130/30 Funds

NEW YORK, Sept. 25 /PRNewswire-FirstCall/ -- The Bank of New York Mellon (NYSE: BK), a global leader in securities servicing and asset management, has introduced the first platform that provides complete support to managers of 130/30 strategies.

The Bank of New York Mellon and its subsidiary, Pershing LLC, are the first to offer clients a comprehensive 130/30 platform as a result of enhancements made to the prime brokerage capabilities at Pershing. Through this new platform, the Company can provide 130/30 investment managers with a wide range of prime services, including securities lending, execution and financing, and asset servicing capabilities such as custody, fund accounting and administration and collateral management.

"The Bank of New York Mellon is uniquely positioned to provide these comprehensive solutions," said Gerald Hassell, president of The Bank of New York Mellon. "We are bringing to the market a full suite of integrated services and financing functions needed to manage eligible 130/30 funds such as limited partnerships, 40 Act Funds, hedge funds and separately managed accounts."

Popularity is increasing for 130/30 strategies, which enable asset managers to overweight stocks deemed most attractive and shorting stocks they expect to under-perform. While these strategies could enable investors to incorporate a broader range of knowledge into their investment processes, they also present challenges related to managing short positions and can add complexity to a fund's operational and technology infrastructure.

Pershing LLC is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and move their financial assets, operating in 37 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1 trillion in assets under management. Additional information is available at http://www.bnymellon.com. The Bank of New York Mellon provides services through The Bank of New York, Mellon Bank, N.A. and other related companies.

SOURCE The Bank of New York Mellon Corporation  

Edited by: Neil Anderson, Managing Editor


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