The Bank of New York (BNY) announced today that it was extending its hedge fund accounting and administration services to include
US hedge funds. With the addition of a domestic capability, BNY says it can now offer its clients a global hedge fund service that supports the full range of administrative, accounting and tax requirements. The Bank of New York currently services hedge fund assets worth a total of $3.8 billion from offshore facilities in the Cayman Islands, Dublin, Jersey and Luxembourg.
BNY’s hedge fund services include full portfolio valuation and accounting, tax allocations, incentive fee calculations, preparation of K-1s, tracking of contributed property, accounting for hot issues, and priority allocation of profits and side-pocket allocations.
“Recognizing the growing importance of hedge funds to institutional investors, The Bank of New York has expanded its existing hedge fund service to include US servicing capabilities,” explains Gerald L. Hassell, president of The Bank of New York. “This addition represents a logical extension of our global fund servicing capabilities and demonstrates the bank’s commitment to service all investment products on a truly worldwide basis.”
The Bank of New York currently has $6.9 trillion in global assets under custody in 26 countries and over 100 markets.