NEW YORK (HedgeWorld.com)–Fund of funds firm Ivy Asset Management has topped US$15 billion in assets, growing to that level from US$2.4 billion four years ago, when it was acquired by the Bank of New York.
That alliance formed in the summer of 2000 was the first major maneuver in what has become a strong trend of mergers and acquisitions in the industry. The result so far appears to augur well for hedge fund businesses that operate as part of a large financial company (see ).
The firm’s experience reflects changes in the industry as a whole, said Ivy Managing Director Sean Simon, speaking at a press conference. He emphasized that the industry has become more global and that the preponderance of assets now comes from institutions rather than high-net-worth investors. Ivy recently opened up an office in Tokyo.