The Bank of New York announced that it has signed a definitive agreement to acquire the Core International ADR and Domestic Equity Index institutional investment management businesses of Axe-Houghton Associates, Inc., a wholly-owned subsidiary of Hoenig Group Inc.
This purchase is expected to be completed on or before March 31, 2002.
Axe-Houghton Associates, Inc., a registered investment adviser based inRye Brook, New York, had assets under management in these two businessesof approximately $2.6 billion as of October 31, 2001. BNY AssetManagement, the investment management arm of The Bank of New York,currently has assets under management in excess of $60 billion.