WEST PALM BEACH, FL (HEDGECO.NET)- Melon Financial Corporation announced that it is closing its Rediscovery Funds, to new investors, however the funds would still take in new assets from currentinvestors until later in 2004.Founded in 1999, Melon HBV is part of Melon Financial Corporation since June, 2002. The firm also stated that the management assets for the Melon HBV AlternativeStrategies LLC have reached US$1 billion mark for the first time, up from US$536 million in 2002.
Melon focuses on event �driven strategies, targeting institutional investors. Jonathan S. Bean, Mellon HBV managing director said, “Mellon HBV has emerged as a leading global, event-driven investment firm, with a single vision uniting many strategies; our leadership and growth in this area will continue as we expand our product offerings to meet client demand.”
Ronald P. O’Hanley, Mellon vice chairman and president of its institutional asset management group, said, �We see increasing allocations to hedge fund strategies from leading institutions worldwide and believe institutional assets will continue to drive growth in this industry.”
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, the firm is one of the world’s leading providers of financial services for institutions, corporations and high net worth individuals. Mellon has approximately $3.5 trillion in assets under management, administration or custody, including $657 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
editor@hedgeco.net
