https://www.wsj.com/articles/bank-of-new-yorks-asset-manager-to-wind-down-hedge-fund-investment-arm-1537825293 The Bank of New York Mellon Corp. BK -0.06% plans to close a fund-management subsidiary that invested in various hedge funds, as demand for such investment vehicles wanes. BNY Mellon Investment Management, the company’s asset manager, said in a statement Monday it intends to wind down, as a stand-alone business, a subsidiary called EACM Advisors LLC, a fund of hedge funds manager. The subsidiary isn’t accepting new investors and $2.1 billion will be returned as investments are sold, according to BNY.