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April 21, 2003 at 08:00 PM
NEW YORK (HedgeWorld.com)–Ivy Asset Management launched its first Securities and Exchange Commission hedge fund of funds, the Ivy Multi-Strategy Hedge Fund LLC, with US$26 million in assets.
The Ivy Multi-Strategy fund was launched with 22 funds invested across three general strategies, said Larry Simon, president and chief executive of Ivy, which is owned by Bank of New York. The allocations are 50% to market neutral funds, 30% to special situation, or event-driven, funds, and 20% to long/short equity, he said.
The fund is still available to eligible investors, and is distributed through the Bank of New York’s asset management and private client divisions, as well as through Lockwood Financial, a BONY-owned managed account firm. The fund also may be distributed through brokerages using another Bank of New York unit, Pershing. Pershing is a third-party outsourcing brokerage. Bank of New York executives view the fund as an example of how it can benefit from combining efforts among its asset management firms and its distribution outlets.
