CDPQ and BNP-backed Innocap to acquire the HedgeMark business from BNY Mellon.

CDPQ and BNP-backed Innocap, a provider of managed account services, agreed to acquire the HedgeMark business from BNY Mellon, an investment banking institution. Financial terms were not disclosed. “We are excited to welcome HedgeMark employees onboard upon closing. This strong combination will create an agile and scalable industry-leading institutional investment platform. It puts us in an enviable position to transform the industry and welcome the massive shift underway from co-mingled investing towards platform investing driven by institutional allocators’ desire for more control and transparency over their investments. Clients will benefit from our combined technological and governance capabilities to serve their stakeholders more effectively,” François Rivard, Innocap President and CEO.