NEW YORK (HedgeWorld.com)–A Europe-focused event-driven vehicle managed by the British subsidiary of Mellon HBV Alternative Strategies LLC went above US$100 million in assets.
The strategy covers arbitrage, special situations and distressed businesses. “We are seeing attractive opportunities throughout all three sectors of this strategy,” said Daniel Harley, managing director and portfolio manager at Mellon HBV Alternative Strategies UK, in a statement.
“We believe the current event-driven investment climate will continue as we witness a major expansion of the European Union and continued restructuring of major industries.” The portfolio, overseen by Mr. Harley, targets 50 to 60 deals.
The London-based subsidiary was formed in 2000 and manages approximately US$300 million in event-driven, global arbitrage and multi-strategy investments. Total assets at New York-headquartered Mellon HBV are more than US$1.1 billion (see).
The firm, a specialist in event-driven strategies, is part of Mellon Financial Corp., headquartered in Pittsburgh. Mellon has more than US$675 billion under management.