Bank of New York to open investment fund

BNY, which is one of the oldest and biggest banks in the U.S., has a market capitalization of $24 billion and manages global assets worth $100 billion. The new fund will be the financial giant's first company in Poland. Marcin Podobas, the president of BNY National Trust, confirmed that the company submitted an official application. The main area of interest of BNY in the U.S. are alternative funds with a focus on closed real estate funds and hedge funds. Accordingly, it is predicted that the new fund in Poland will focus on real estate investments. Capital Partners, the broker of BNY National Trust, will offer the company's certificates and the first issue will amount to a couple of hundred million złoty. (Puls Biznesu, p. 4) A.M.