Bank of New York expands hedge fund service

The Bank of New York has expanded its outsourcing service to hedge fund clients with the acquisition of 75% of Sonic Financial Technologies, an advanced trading systems provider.

BNY Securities Group - the global agency brokerage, clearing and financial services outsourcing arm of the Bank of New York - has bought two of Sonic's three client businesses, to upgrade its trading system support for institutional clients, primarily hedge funds, and sellside firms.

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