The Bank of New York Co. said Wednesday it has agreed to acquire Ivy Asset Management of Garden City, N. Y. Terms were not disclosed.

Ivy specializes in hedge funds and other investment products not available to the public. The firm's clients are high-net-worth families, Fortune 500 and Taft-Hartley pension plans, professional money managers, banks, insurance companies, and offshore entities.

More banks have been trying to create product platforms to attract wealthy clients, and this deal is expected to expand Bank of New York customers' access to alternative investments, said a release from the company.

Ivy has $2.4 billion under management. Bank of New York has $76 billion under management. The banking company is also the nation's largest custodian of mutual fund and hedge fund assets, with roughly $1 trillion in custody.

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