Bernheim, Dreyfus & Co has appointed Bank of America Merrill Lynch (BoAML) as an additional prime broker for its Diva Synergy Fund and Diva Synergy UCITS Fund. Allocation of the funds’ assets between BoAML and the current prime brokers and custodian will be determined by the nature and type of transaction and at the discretion of Bernheim, Dreyfus & Co. The functions which BoAML performs under the agreement are the provision of financing and settlement services to the funds, regarding the purchase and sale of securities entered into by the funds, with either third parties or BoAML. Bernheim’s strategy aims to provide consistent low volatility returns with minimal correlation to market and peers by trading equity opportunities in Europe and North America The UCITS fund has returned +2.44 per cent since inception in June 2011.
The Diva Synergy team is upbeat on M&A activity in 2012 and expects it to pick up steadily, particularly as corporates and private equity firms are sitting on strong balance sheets and looking to deploy capital as capital markets strengthen. The firm believes technology, industrials, natural resources and healthcare sectors are the most likely to actively consolidate. Bernheim CEO Amit Shabi (pictured) commented: “After analysing the different counterparties, we have decided to appoint Bank of America Merrill Lynch and are excited to start our business relationship with its renowned lending and operational crew as well as with its first-class capital introduction team.”