Mellon HBV Alternative Strategies LLC, has surpassed USD 100 million in assets for its European Event-Driven strategy.
The strategy is sub-advised by Mellon HBV's UK subsidiary, Mellon HBV Alternative Strategies UK Ltd.
The Mellon HBV European Event-Driven strategy invests in a diversified portfolio of European-focused opportunities including arbitrage, special situations and distressed situations.
Daniel P. Harley, managing director and portfolio manager at Mellon HBV Alternative Strategies UK, said: "We are seeing attractive opportunities throughout all three sectors of this strategy. We believe the current event-driven investment climate will continue as we witness a major expansion of the European Union and continued restructuring of major industries."
Harley oversees the European event-driven strategy with the support of six investment professionals. The portfolio is constructed with a strict application of risk control measures at both the investment and portfolio levels and targets 50 to 60 deals.
Patrick Sheppard, chief operating officer of Mellon Institutional Asset Management, said: "This growth marks a milestone for our alternative strategies unit in the European marketplace. With returns from traditional investments expected to be relatively modest in the current environment, we are seeing increasing demand for investment strategies that focus on absolute returns."
Background Note: Formed in 2000, London-based Mellon HBV Alternative Strategies UK Ltd. manages approximately USD 300 million across event-driven, global arbitrage and multi-strategy investments. The firm is regulated by the Financial Services Authority in the United Kingdom and is a wholly owned subsidiary of Mellon HBV Alternative Strategies LLC.