Bank of New York Gives 130/30 Strategy Support to Asset Managers

September 25, 2007 ( - The Bank of New York Mellon is offering a platform that provides support to managers of 130/ 30 strategies, which will include securities lending, execution and financing, and asset servicing capabilities such as custody, fund accounting and administration and collateral management.

According to a press release, the Bank of New York is making this offering along with its subsidiary, Pershing LLC.

“The Bank of New York Mellon is uniquely positioned to provide these comprehensive solutions,” said Gerald Hassell, president of The Bank of New York Mellon, in the press release. “We are bringing to the market a full suite of integrated services and financing functions needed to manage eligible 130/30 funds such as limited partnerships, 40 Act Funds, hedge funds and separately managed accounts.”

130/30 strategies allow asset managers to overweight stocks deemed most attractive and short stocks they expect to underperform.

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