Sumitomo Mitsui Asset Management selects BNY Mellon as fund administrator

Japan-based Sumitomo Mitsui Asset Management Company has selected The Bank of New York Mellon's alternative investment services business as fund administrator for its new fund of hedge funds, the SMAM Alpha Dynasty Fund Trust.

The Bank of New York Mellon (BNY Mellon), directly or through its affiliates, will also provide custody and trustee services.

The bank has said that Sumitomo Mitsui Asset Management Company (SMAM) has launched the trust targeting institutional investors. The investment objective of the trust is to maximize long-term returns to unit-holders by investing in diversified portfolio of hedge funds, aiming at low correlation to traditional asset classes, with emphasis on liquidity.

Andrew Gordon, executive vice president, head of alternative investment services for Asia at The Bank of New York Mellon, said: "Working with a premier fund manager such as Sumitomo Mitsui Asset Management underlines The Bank of New York Mellon's ability and commitment to servicing the fund of hedge funds arena in Japan. We are honored that they chose our company to deliver the infrastructure they need to succeed. Our appointment confirms that the solutions we are providing to Japan's top institutions remain at the forefront of the market."

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