BNY Mellon’s HedgeMark grew its lead as the top managed account platform provider last year, increasing assets under management by more than a third to $40.5bn. HedgeMark, which is being acquired by Innocap Investment Management, has topped the list since 2019 when the methodology was adapted. The eight-strong list oversaw assets worth $117.4bn at the end of 2021, a 26% increase, demonstrating a strong industry demand for managed account products during the global pandemic. The annual asset increase outstrips the 10.5% performance gain posted by the average hedge fund last year.
Canada-based Innocap announced the HedgeMark takeover in February and it is subject to regulatory approval. BNY Mellon will keep a minority share. All eight constituents on the list grew platform assets in 2021. Paris-based Lyxor Asset Management in second place increased assets by $4bn to $26.9bn, putting it $13.6bn behind. Man FRM grew by $1.9bn to $21.5bn in third.