Bank of New York Mellon announced Monday it will take full ownership managed account and risk analytic service provider HedgeMark International.
Terms were not disclosed. BNY Mellon will acquire the remaining 65% now held by HedgeMark management and outside investors, said Joe Ailinger, BNY Mellon spokesman. BNY has held a 35% stake in the firm since 2011.
HedgeMark will become part of BNY Mellon Asset Servicing’s global risk solutions business, Samir Pandiri, BNY Mellon executive vice president and CEO of asset servicing, said in a news release.
BNY Mellon will retain the HedgeMark brand, Mr. Ailinger said.
Ken Phillips, HedgeMark’s founder and CEO, will retire when the transaction is completed, expected sometime in the second quarter. Andrew Lapkin, current HedgeMark president, will add the CEO title at that time.
