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The Bank of New York, like other industry observers, regards the managed account market as a growth prospect. In acquiring EMAT, the bank hopes to expand its ability to provide services to fund companies and others that offer the products, said Bank of New York President Gerald Hassell.
"The addition of EMATs systems and capabilities to our account servicing platform will create an operational engine that covers the entire spectrum of managed money alternatives, enabling us to service the broadest possible client base," Hassell said.