Announced
Financials
Sources
Tags
Acquisition
Private Equity
Cross Border
Single Bidder
Friendly
United States
hedge fund service
Pending
Majority
Asset Managers and Custodians
Private
Synopsis
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.
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