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.

Bank of New York expands hedge fund service

Nick Clark

Bank of New York

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