DUBLIN Mellon Global Investments plans this quarter to launch a mutual fund family here and start a proprietary hedge fund and subsidiary in London.
The Dublin offering, Mellon Global Funds, will feature collective investments in transferable securities. The fund range will complement the ranges of an established Mellon subsidiary in London, Newton Investment Management, that offers open-end investment funds.
Jon Groom, president of Mellon Global Investments, said in a news release that the Dublin product will be Mellons mutual fund passport into Europe.
The proprietary hedge fund will be run by a unit to be named Mellon Global Alternative Investments. Derek Stewart and Scott MacDonald were hired from Liberty Ermitage, a London hedge fund firm, to run the subsidiary.
Mellon Capital Management will subadvise four tracker funds that will be launched for global distribution. The bulk of the new mutual fund range will be subadvised by Newton, and Mellon Fund Administration will provide custody and administration.
Mellon Global Investments is a division of Pittsburgh-based Mellon Financial Corp., which has $540 billion of assets under management and 12 fund management subsidiaries including Newton, Dreyfus Corp., Mellon Capital Management, and Pareto Partners, a New York investment management firm.
Mellon is awaiting regulatory approval of the Dublin and London launches.