The Bank of New York has announced that BNY Asset Management, the bank’s investment management division, has been retained as the sub-advisor for three international funds offered by Enhanced Investment Products, Ltd. (EIP). These funds, which currently have approximately $93 million in assets, include the Enhanced Taiwan Index Fund, Enhanced India Index Fund and the Enhanced China Index Fund.
EIP was founded in 2002 by a team of former employees of Jardine Fleming. The company has launched a series of Asian emerging market Index Plus Funds. Enhancement is provided by the EIP Overlay Fund, a market neutral Asia ex-Japan hedge fund, which has a captive stock lending arrangement with the Enhanced Index Funds, in return for a share of the positive performance of the hedge fund.
“We selected BNY Asset Management because we were impressed by their unique product offering, commitment to client service and strong marketing support,” Tobias Bland, CEO of EIP said. “We are delighted to enter into this relationship because The Bank of New York is a natural partner who will help increase our distribution worldwide.”