BoNY steps up hedge fund transparency effort

The Bank of New York has stepped up its efforts to offer hedge funds increased transparency in Europe, with the hire of David Aldrich as head of securities industry banking. Aldrich will assume responsibility for relationship management and sales to hedge funds and broker dealers.

Reporting to Brian Ruane, global head of hedge fund and securities industry anking in New York, Aldrich’s hire reflects the increased volume of business being captured from companies, such as hedge funds, seeking to reassure investors and increase transparency. Outsourcing administrative and compliance matters allows hedge fund managers to concentrate on their core trading activities.

“With David’s expertise in both the hedge fund and broker-dealer markets, he and his team will be able to advise our clients on how best to leverage the bank’s core business of securities services to deliver more value to their end-clients,” said Ruane.

Aldrich was previously head of clearance and collateral management products at JP Morgan Chase. He has also held senior managerial positions at Credit Suisse First Boston and UBS.