Mellon Financial bought a 15% equity interest in Optima Fund Management, a New York-based hedge fund management firm. The purchase is effective immediately. Details of the deal were not disclosed.
Optima and Mellon Private Asset Management (MPAM) agreed in June 2000 to give Mellons high-net-worth clients exclusive access to Optimas hedge funds. MPAM President David Lamere described that relationship, which gave MPAM exclusive U.S. rights to offer Optima funds to its clients, as "highly successful" in a statement.