Ivy Asset Management has appointed Sean Simon and Michael Singer as co-Presidents and Adam Geiger as the firm's Chief Investment Officer.

The hedge fund and alternative investment management firm, a subsidiary of The Bank of New York Company with over USD 14 billion in assets, has also announced that co-founders, Lawrence Simon and Howard Wohl, have been named Vice Chairmen.

In their new roles, Sean Simon and Singer will be responsible for establishing Ivy's strategic plan and managing the firm's business, with Simon overseeing Ivy's global client relationship development and servicing and Singer overseeing the finance, compliance, information technology, human resources and administration departments.

Geiger will be in charge of the Global Investment Team and will oversee manager research and selection, portfolio management, operational due diligence and risk management. He will also be responsible for the investment philosophy, portfolio strategy and asset allocation for the firm, and will report to the co-Presidents. Larry Simon and Wohl will serve as strategic advisers to the firm, participating in the tactical development of key firm initiatives and providing mentorship to Ivy executives.

"Sean and Michael's appointments as co-Presidents and Adam's as Chief Investment Officer represent an important step in our strategic development and are designed to ensure succession and continuity at Ivy," says Larry Simon. "These three executives have served on our strategic operating committee over the past year, managing the day to day operations of the firm."

Wohl adds: "These three appointments are a clear recognition of Sean, Michael and Adam's outstanding contributions to the firm and are a reflection of our confidence in their leadership talents. Their efforts have allowed Ivy to grow while maintaining our focus on delivering outstanding investment returns and superior client service to our investors."

Sean Simon joined Ivy in 1996 and was previously Head of Global Client Development for the firm. Prior to joining Ivy, he was an Equity Research Associate with Credit Suisse First Boston.

Singer was previously Chief Administrative Officer of Ivy. Mr. Singer was formerly a Senior Managing Director at Weiss, Peck & Greer, where he spent nine years before joining Ivy in October 2004.

"Under Larry and Howard's leadership, Ivy has exceeded our expectations and we are grateful for their dedication and continued commitment to the firm," said Steven Pisarkiewicz, Executive Vice President of the Bank of New York and a member of the Ivy Board of Directors. "Sean and Michael have the experience and industry insight needed to further advance Ivy's record of success. Ivy is a critical component of our growing investment management business and is strategically important to The Bank of New York."

Adam Geiger joined Ivy in 1997 and was previously Global Head of Investments at the firm. He joined Ivy after spending seven years with Twenty-First Securities Corp, a broker-dealer and money management firm, where he was most recently Vice President of Trading.

Lawrence Simon is the former President and Chief Executive Officer of Ivy Asset Management, which he co-founded with Howard Wohl, the former Chief Investment Officer of Ivy Asset Management, in 1984.

Recent developments at Ivy include the launch of several new products with a focus on global equity long/short, credit and trading strategies. In addition, Ivy has broadened its European operations, based in London, and opened an Asia office in Tokyo. Each office provides both investment manager research and client service, serving to provide clients with a comprehensive global operation.

Background notes: Ivy Asset Management Corp. has over 170 employees in New York, San Francisco, London and Tokyo. Founded in 1984 and operating as a subsidiary of The Bank of New York Company, Inc. since October 2000, Ivy offers a wide range of risk-adjusted, performance-driven multi-manager products from diversified proprietary fund portfolios to customized programs for a full range of global institutional investors. Ivy Asset Management Corp. is registered as an Investment Adviser with the SEC, an Investment Manager with the Irish Financial Services Regulatory Authority and licensed as a non-discretionary resident Investment Advisor with the Japan Financial Services Agency. Additionally, Ivy Asset Management (UK), Ltd. is authorized and regulated by the UK Financial Services Authority.

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