LONDON (HedgeWorld.com)--The U.K.'s Financial Services Authority authorized Ivy Asset Management (UK) Ltd., a subsidiary of a U.S.-based hedge fund manager, to provide investment services.
The new unit will provide hedge fund of funds investment advisory services to clients in Europe and the Middle East, serving as the European headquarters for its parent corporation, Ivy Asset Management Corp., Garden City, N.Y.
Ivy is delighted with the FSA authorization, said Colleen Baldwin, chief operating officer of Ivy Asset Management Corp., in a statement. The firm is optimistic about growth prospects in Europe over the next several years, for the fund of funds advisory industry in general and for itself in particular, she said.
Ivy U.K. currently has eight employees but expects that in 2003 it will expand its research efforts, as well as its client service, client advising and structured products capabilities.
Howard Wohl and Larry Simon co-founded Ivy in 1984. It has operated as a subsidiary of the Bank of New York since October 2000. Ivy's assets under management now exceed US$6.2 billion, and 35% of those assets are sourced from non-U.S. clients. Ivy, with offices in San Francisco, Garden City, as well as London, manages both proprietary and customized hedge fund portfolios for U.S. and non-U.S. investors.
Ms. Baldwin, formerly head of global business development at AIG Global Investment Group, became the chief operating officer of Ivy in April 2002.