Mellon Acquires Equity Interest In Hedge Fund Manager

by Carla Johnson, Investors Offshore.com

29 October 2001

The Mellon Financial Corporation, a leading provider in asset management, has announced that it has acquired a 15 per cent equity interest in Optima Fund Management, a leader in the field of sponsored multi-manager and single manager hedge fund investments. The acquisition follows last year's Mellon-Optima alliance offering Mellon Private Asset Management's (MPAM) high net-worth clients exclusive access to Optima's diverse array of hedge funds.

'We are committed to providing our clients with superior investment products and wealth management expertise,' said David F Lamere, MPAM president. 'Over the past year, our relationship with Optima has proven to be highly successful for our clients and our respective organizations. This strategic investment builds on that success, and enables us to take a more active role in ensuring that our clients continue to enjoy world-class hedge fund products that meet their financial needs.'

Optima manages $1.7 billion in assets for sophisticated, high net worth investors and offers in excess of 20 multi- or single-adviser hedge funds, both on-shore and off-shore, through its Bermuda-based affiliate.

Mellon has over $2.6 trillion in assets under managament, administration or custody. 'Mellon is one of the most well-regarded names in investment management," said D Dixon Boardman, managing director of Optima, 'bringing our relationship to the next level adds value to our business and, more importantly, further enhances our ability to deliver the high quality products and services for which Optima is known.'

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