Subject: The "real" reason ivy is closing down...
From: "Arlene Busch" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Thu, 1 Apr 2010 15:31:20 -0400

Ivy Asset Management, which BNY Mellon Asset Management is closing, is under
investigation for advice it allegedly gave related to investing with Bernard
Madoff, according to a person familiar with the matter.

New York Attorney General Andrew Cuomo's office has been investigating Ivy,
a fund manager that places money with hedge funds, for about a year, and the
investigation has come to a head in recent weeks, the person said.

At issue among other things is whether Ivy failed to relay concerns it had
about Mr. Madoff's firm.

Arlene Busch

202-333-1880

[email-masked]