The price of the sale, announced Tuesday, was not disclosed. Mellon HBV would be renamed Fursa Alternative Strategies.
Mike Dunn, a spokesman for Mellon Financial, said the deal the Pittsburgh company announced Monday with Bank of New York had no impact on the Mellon HBV deal, which has been "in motion" for months.
Phil Maisano, the head of alternative strategies for Mellon Asset Management, said the parent company is selling the unit because the company's alternative business focuses on more liquid strategies, ranging from market neutral to currency to macro hedge strategies.
Fursa intends to explore the idea of increasing its emphasis on principal and activist approaches, he said.
Mellon would continue to expand its alternative capabilities, Maisano said. It has increased its alternative assets under management to $20 billion as of Oct. 31, from $644 million five years earlier. The deal is scheduled to close this quarter. Mellon has $918 billion of assets under management.