BNY Mellon Acquires HedgeMark, Appoints Lapkin
![andrew-lapkin andrew-lapkin](/sites/default/files/styles/landscape_750_463/public/import/IMG/220/283220/andrew-lapkin-580x358.jpg.webp?itok=K0tQ8cWz)
BNY Mellon has held a 35 percent interest in the firm since 2011 and has now signed an agreement to take full ownership in the second quarter of 2014, subject to regulatory approval.
"As institutional clients continue their shift into alternatives, especially hedge funds, this acquisition will enable us to better meet demands for improved governance, risk reporting, and transparency," says Samir Pandiri, BNY Mellon executive vice president and CEO of Asset Servicing. "We'll be able to integrate HedgeMark's capabilities with our Global Risk Solutions offerings to set a new industry benchmark on risk and transparency. It marks the next step in our strategy to provide sharper insight into hedge fund investments and enterprise risk across a client's entire portfolio.
Current CEO Ken Phillips has announced that he will leave the firm once the transaction is completed. He will be replaced by Andrew Lapkin who will be in charge of supervising the transition and report to Pandiri after the closing of the deal.
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