09/05/03
NEW YORK and TOKYO, September 5, 2003 - The Bank of New York Company, Inc. announced today that its subsidiary, Ivy Asset Management Corporation, has been selected by Mizuho Trust & Banking Co., Ltd. ("Mizuho Trust & Banking") to provide alternative investment advisory services to its pension fund clients.
Mizuho Trust and Banking has selected Ivy’s Rosewood Offshore Fund, a hedge fund of funds with a market neutral, absolute return strategy, and will partner with Ivy to create an investment structure to meet the demand for hedge fund of funds portfolios by pension sponsors throughout Japan. Through the arrangement, Mizuho Trust & Banking’s clients will have access to Ivy Asset Management, one of the world’s leading alternative investment experts with nearly 20 years of experience in investment advisory services.
Akiyoshi Oba, executive officer and head of the Asset Management Division at Mizuho Trust & Banking, said, "We selected Ivy as our hedge fund of funds provider because of their extensive experience and success in the alternative investment arena and because we are confident that they will provide us with a high level of customer service."
Kenneth A. Lopian, executive vice president and head of The Bank of New York’s Asia-Pacific Group, said, "We are delighted to work with Mizuho Trust & Banking to offer hedge fund of funds products in Japan. We look forward to expanding our relationship with one of Japan’s premier trust banks and welcome the opportunity to increase the suite of products that we can provide in the Japanese marketplace."
Jeffrey Lindenbaum, managing director of client development for Asia and Europe at Ivy Asset Management, said, "Japanese pension funds can now access Ivy’s funds through Mizuho Trust & Banking and will benefit from the extensive due diligence and rigorous selection process conducted by Mizuho Trust & Banking. We believe that the Japanese hedge fund of funds market is poised for continued growth and believe that Ivy’s Rosewood Offshore Fund will offer a superior alternative investment product to Japanese pension funds."
Established in 1925, Mizuho Trust & Banking Co., Ltd. is based in Tokyo and is a member of the Mizuho Financial Group, a leading financial services group in Japan. Mizuho Trust & Banking offers banking services, custody services, real estate brokerage services and other trust businesses which include pension trust services, ranging from actuarial and administrative services, pension consulting services to asset management. Mizuho Trust & Banking offers a variety of investment products to over three thousand pension clients and major public sector institutions. Total assets under management as of July 31, 2003 are 11.4 trillion JPY, which is the approximate equivalent of $96 billion USD. Additional information is available at www.mizuho-tb.co.jp.
Ivy Asset Management was founded in 1984 and has operated as a subsidiary of The Bank of New York Company, Inc. since October 2000. Ivy currently has assets under management exceeding $6.2 billion. The firm manages a wide variety of proprietary and customized hedge fund portfolios designed for U.S. and non-U.S. investors. Ivy has offices in London, Garden City, New York and San Francisco, California. Additional information on Ivy is available at www.ivyasset.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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