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Rating:Gemini Eyes Talent from Ivy Asset Management Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, May 19, 2010

Gemini Eyes Talent from Ivy Asset Management

Reported by Armie Margaret Lee

Gemini Fund Services is growing, and among its hiring prospects are employees of fund of hedge fund firm Ivy Asset Management.

"We're hoping to acquire some great people from Ivy," said Andrew Rogers, president of Gemini Fund Services, in an interview with The MFWire. "Their offices are very close to ours. Regardless of what happened to that firm, they do have some very good people there."

Ivy Asset Management -- not to be confused with Ivy Funds, the mutual fund family operated by Waddell & Reed -- has been a unit of Bank of New York Mellon since 2000. Ivy started winding down its fund of hedge funds last month. Last week, New York Attorney General Andrew Cuomo sued Ivy Asset Management and two former executives, accusing them of deliberating misleading clients about investments tied to Bernard Madoff.

Gemini currently has 55 employees in Hauppauge, New York and 35 in Omaha, Nebraska.

According to Rogers, the mutual fund servicer plans to add staff in legal, fund administration, accounting and sales.

On the sales side, Gemini recently saw the departure of an external wholesaler and is now in the process of hiring two external wholesalers in the next few weeks, Rogers said. The two would join Eddie Lund, national sales director for registered products, on the external sales team.

"We're in the final stages of hiring," Lund said. 

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