Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Bank of New York Will Buy Ivy Asset Management

The Bank of New York has agreed to acquire Ivy Asset Management of Garden City, N.Y. for an undisclosed price, Bank of New York announced.

The acquisition is part of BONY's ongoing strategy to increase business and expand its range of products for individual and institutional investors, BONY spokesperson Frank Scarangella said.

The acquisition will provide BONY with its first hedge fund, and add BONY's trust and banking services to Ivy's product line, Scarangella said.