US - The Bank of New York has exceeded $100bn in hedge fund assets under administration, growing 41% in the last year alone.
BNY said the growth came from its servicing of funds of hedge funds, multi-strategy hedge funds, and European-based hedge fund firms focused on fixed-income and credit investments.
The bank also experienced notable growth in the average fund size and number of fund structures serviced as part of a strategic focus on building long-term relationships with the leading industry firms.
BNY executive vice president Brian Ruane predicted even further growth as the institutional demand for hedge funds was expected to triple by 2010.
According to BNY research, global institutional demand for hedge funds will increase from $360bn at present to more than $1trn by 2010, with retirement plans globally accounting for the vast majority of asset flows.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
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