BNY Mellon Awarded Hedge Fund Administration Mandate by Tribridge Investment Partners
November 09 2009 - 3:24AM
PR Newswire (US)
Will provide fund administration services for the Tribridge Asian
Special Situations Fund HONG KONG, Nov. 9 /PRNewswire-FirstCall/ --
BNY Mellon, the global leader in asset management and securities
servicing, has announced that its Alternative Investment Services
business has been selected by Tribridge Investment Partners
("Tribridge") as fund administrator for its new hedge fund,
Tribridge Asian Special Situations Fund, which launched in
September. The Tribridge Asian Special Situations Fund will invest
in stressed and distressed credits across Asia Pacific, including
Australia, New Zealand and Japan. Fundamental credit research will
be used to identify mis-priced / undervalued securities due to
either financial stress or the probability of a corporate event.
There will be no investments in private equity or direct lending.
This fund will join Tribridge's stable of four other funds bringing
total firm assets to US$312 million. "Now, more than ever, it is
important that hedge funds have the strongest reporting platforms
in place which provide transparency and accuracy," said Steven Sun,
Head of Marketing and Business Development, Tribridge Investment
Partners. "We take our reporting commitments very seriously
therefore the selection of a strong third party administrator was a
critical decision. We chose BNY Mellon because of their strong
technology investment programme and proven record in respect of
service standards, client focus and relationship management both in
Asia and worldwide." "We believe Tribridge is an exciting company
to be partnering with and working with them on the launch of the
Tribridge Asian Special Situations Fund has been a great
opportunity for us," said Andrew Gordon, executive vice president,
Head of Alternative Investment Services for Asia at BNY Mellon. "We
are pleased to be able to continue to ensure the operational
success of hedge funds originating in Hong Kong. Our appointment
confirms that the solutions we are providing to the Asia Pacific
hedge fund industry remain at the forefront of the market."
Commenting on the growth opportunities for Asian hedge funds,
Gordon added: "In a study we conducted earlier this year, nearly
70% of Asian investors stated that the rationale for investing in
hedge funds - as a source of diversification and alpha-beta
separation - was still valid. As the region starts to lead the
world out of the current downturn and positive investor sentiment
returns, we expect Asian hedge funds will attract a wave of new
money with locally based managers, like Tribridge, in the best
position to capture those opportunities." BNY Mellon is a leading
hedge fund administrator with more than $200 billion in assets
under administration and, together with its affiliates, maintains
an extensive global presence, including locations in Bermuda,
Cayman Islands, Hong Kong, Ireland, Luxembourg, Singapore and the
United Kingdom, as well as US offices in California, Florida,
Massachusetts, New Jersey, New York, Pennsylvania and Texas. In
addition to hedge fund administration the company offers a wide
range of accounting, cash management, collateral management,
custody, corporate trust, asset management and wealth management
services to the hedge fund industry. Notes to editors BNY Mellon is
the corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 34
countries and serving more than 100 markets. BNY Mellon 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, clearing services and treasury services through a
worldwide client-focused team. It has $22.1 trillion in assets
under custody and administration and $966 billion in assets under
management, services $11.9 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at http://www.bnymellon.com/.
DATASOURCE: BNY Mellon CONTACT: Louisa Bartoszek of BNY Mellon,
+44-20-7163-2826, or Web Site: http://www.bnymellon.com/
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