Ivy Asset Management Corp., a hedge fund of funds and alternative investment subsidiary of Bank of New York Mellon Corp., hired Alex Balfour for the newly created position of managing director and head of client development, Asia Ex-Japan.
Mr. Balfour is based in Hong Kong, where Ivy expects to open its first office, which will be its sixth in the region, in the first half of 2008.
Mr. Balfour will be in charge of client development throughout Asia and the Pacific region, with the exception of Japan, and is to manage the company's Hong Kong office.
Mr. Balfour was a managing director and head of Asian institutional business for Union Bancaire Privee since 2006. Previously, he founded Balfour Capital, an Asian hedge fund that he ran for eight years.
Ivy, which is based in New York, has $15 billion of assets under management. It announced the hiring of Mr. Balfour Tuesday.
