Mellon targets alternative investment market

Mellon Global Investments has set up a new team to bring alternative investments to its client base.

Mellon will initially focus on the development of a hedge fund of funds research and management facility. Derek Stewart and Scott Macdonald will be principals in the team that will be based in Mellon's London office.

Stewart and Macdonald were previously director and assistant director of hedge fund management, respectively, at Liberty Ermitage.

Jon Groom, president of Mellon Global Investments, said: "With thousands of hedge funds, sophisticated investors are turning to disciplined, risk-controlled fund of fund managers for their alternative investment needs."

Derek Stewart, director of alternative investments, said: "The market in Europe is still relatively young and we hope to position Mellon at the forefront of this expanding market."

Mellon currently has $2.8 trillion in assets under management, administration or custody, including $540bn under management.

The new company, Mellon Global Alternative Investments Limited, will be a subsidiary within the Mellon Financial Corporation group.

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