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Bank Of New York Acquires Bermuda-Based Hedge Fund Administrator

by Carla Johnson, Investors Offshore.com

13 February 2003

The Bermuda Royal Gazette reported this week that The Bank of New York on Monday completed its acquisition of Bermuda-based hedge fund administrator, International Fund Administration Ltd.

'We are delighted to welcome IFA to The Bank of New York and excited about this new partnership,' Thomas J. Perna, BONY's senior executive vice-president told the newspaper, continuing:

'Our clients will benefit from IFA's unmatched expertise and resources, which are dedicated to meeting the needs of the hedge fund manager.'

John Buscema, chief executive officer of IFA was similarly pleased with the completion of the deal on Monday, observing that:

'Our clients will now have a single source for their complex and changing financial needs, and as their needs evolve, the bank will be able to meet them through a diverse product offering ranging from fund administration, execution and clearing services, among others.'

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