Mellon Financial today acquired hedge fund manager HBV Capital Management in a cash deal. Terms were not disclosed. Mellon HBV Alternative Strategies will operate as an independent subsidiary of Mellon Institutional Asset Management, said Greg Stein, Mellon spokesman.
HBV manages $530 million in mostly institutional assets. HBV CIO William F. "Mickey Harley III, CFO Edward Schinik and managing director Jonathan Bean will remain with the company, Stein said. HBVs 22 other employees also will keep their jobs.
HBV offers three U.S. funds a risk arbitrage fund, a distressed debt fund and a multistrategy fund and a European risk arbitrage fund in the United Kingdom. Mellon offers a fund-of-funds through Mellon Global Alternative Investments.