Ivy Asset Management Corp., a subsidiary of The Bank of New York Company, Inc., is expanding its international presence with the opening of a Tokyo office.
The Tokyo office will provide investor servicing for a variety of privately offered fund of hedge fund products, including a mix of portfolio structures that includes proprietary funds, customized portfolios, and private label funds. In addition, this location will allow Ivy to launch an Asian-based investment research process for identifying and selecting Asian hedge fund managers.
Ivy has experience with Japanese clients dating to 1998. Japan represents Ivy's second largest market, in terms of economic activity, after the United States.
Larry Simon, president and chief executive officer of Ivy, said: "The opening of our Tokyo office underscores our longstanding commitment to Japan and will enable us to both enhance relationships with our current clients and forge important new ones in this strategic market. The office will be the primary focal point for our client servicing, marketing and investment efforts in Asia and give us the opportunity to offer our fund of hedge fund services to investors across the region. We are optimistic about our industry's growth prospects in Japan and across Asia and our new office positions us well to participate in that growth."
Mitsuhiro Matsunaga has been appointed general manager and director of Asian client development for Ivy's Tokyo branch. Prior to joining Ivy, Matsunaga was employed by Sumitomo Mitsui Banking Corporation (SMBC), where he was most recently assigned to Daiwa SMBC Securities Co. as deputy general manager, focusing primarily on hedge fund products. Matsunaga will report to Jeffrey Lindenbaum, Ivy's managing director of client development in Asia.
Ivy was founded in 1984 and has operated as a subsidiary of The Bank of New York Company, Inc. since October 2000. Ivy currently has assets under management of approximately USD 15 billion. The firm manages a wide variety of proprietary and customized hedge fund portfolios designed for U.S. and non-U.S. investors. Ivy has offices in London; Garden City, New York; New York City; and San Francisco.
The Bank of New York has had a presence in Japan since it founded a full-service branch office in 1973. The Bank provides Japanese financial institutions with a wide variety of products and services.