The Bank of New York has agreed to acquire Ivy Asset Management of Garden City, N.Y. for an undisclosed price, Bank of New York announced.

The acquisition is part of BONY's ongoing strategy to increase business and expand its range of products for individual and institutional investors, BONY spokesperson Frank Scarangella said.

The acquisition will provide BONY with its first hedge fund, and add BONY's trust and banking services to Ivy's product line, Scarangella said.

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