Hedge Funds

Mellon buys EACM in pension move

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Mellon Financial Corporation has bought Evaluation Associates Capital Markets, the Connecticut-based firm, which runs $2.7 billion in hedge fund of funds money and $1.8 billion in long-only fund of funds.

The rationale for the deal is that Mellon needs a foothold in the U.S. to give it a product for the pension plan market. The bank already has fund of funds operation in London called Mellon Global Alternative Investments and a stake in Optima, the New York-based fund of funds group.

For the full analysis of the deal see the next issue of InvestHedge, our sister publication that writes about