Ivy Asset Management Corp., Bank of New York Mellon Corp.'s global fund of hedge funds unit, hired Robert Murphy as director of its investment strategies group.

In the newly created position, Mr. Murphy will work with the global investment team and will oversee investment research, product development, and portfolio management processes, Ivy said last week.

He will report to Sean Cumiskey, a managing director of the New York unit and the head of the investment strategies group.

Mr. Murphy was a partner with Meridian Capital Partners Inc. and a member of its portfolio management group. Before that he had held senior fixed-income investment banking positions with A.G. Edwards & Sons Inc., Cowen & Co., Donaldson, Lufkin & Jenrette Inc., and Bear Stearns & Co. Inc.

Bank of New York Mellon had more than $22.4 trillion of assets under custody and administration and $1.1 trillion under management as of Sept. 30. It services $12 trillion of outstanding debt.

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