The "real" reason ivy is closing down...

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2010-04-01 19:31:20

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Eric Schwerin <[email protected]>

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Hunter Biden <[email protected]>

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Ivy Asset Management, which BNY Mellon Asset Management is closing, is under
investigation for advice it allegedly gave related to investing with Bernard
Madoff, according to a person familiar with the matter.

New York Attorney General Andrew Cuomo's office has been investigating Ivy,
a fund manager that places money with hedge funds, for about a year, and the
investigation has come to a head in recent weeks, the person said.

At issue among other things is whether Ivy failed to relay concerns it had
about Mr. Madoff's firm.


Arlene Busch

202-333-1880

[email protected]

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