Alternative investments market round up: Banks hit the acquisition trail
Bank of New York Mellon is to acquire Brazilian asset management company ARX Capital Management. ARX has $2.6 billion in Brazilian multi-strategy, long/short and long-only investment strategies. Morgan Stanley has added to its growing slate of hedge fund investments, and has bought a minority stake in Traxis Partners, a hedge fund founded by former employee Barton Biggs. And RAB Capital has bought a 20% stake in Tokyo-headquartered hedge fund firm Prestige Asset Management. Last month it acquired Hong Kong-based hedge fund Pi Investment Management.