Investment management firm BNY Mellon has been hired by asset management advisory firm van Biema Value Partners to provide certain back-office services for its new fund of hedge fund strategy.
BNY announced in a statement Tuesday that it will provide custody, fund administration, foreign exchange and cash management services for New York-based van Biema Value Partners.
Steve Bondi, the chief operating officer of van Biema Value Partners, explained that the firm chose BNY based on the strength of its client services team and the flexibility of their product offering.
Launched in 2004 by Michael van Biema, van Biema Value specializes in creating portfolios of small, deep value-oriented hedge funds.
Based in New York, BNY offers investment services to clients in 36 countries. It had about $26.2 trillion in assets under administration and $1.4 trillion in assets under management as of December 31.