The Bank of New York Mellon, directly or through its affiliates, will also provide custody and trustee services.

Sumitomo Mitsui Asset Management Company has launched the fund targeting institutional investors. The investment objective is to maximize long-term returns to unit-holders by investing in diversified portfolio of hedge funds, aiming at low correlation to traditional asset classes, with emphasis on liquidity.

Andrew Gordon (pictured), executive vice president, head of alternative investment services for Asia at The Bank of New York Mellon, says: "Working with a premier fund manager such as Sumitomo Mitsui Asset Management underlines The Bank of New York Mellon's ability and commitment to servicing the fund of hedge funds arena in Japan. We are honoured that they chose our company to deliver the infrastructure they need to succeed. Our appointment confirms that the solutions we are providing to Japan's top institutions remain at the forefront of the market."