US financial services group, Mellon Financial Corporation, is establishing a specialist research team to cover Asian markets. The new team will drive the firm's research capabilities under the banner of subsidiary Mellon HBV Alternative Strategies - its event-driven asset management arm, which aims to find strategies with low volatility and low correlation to equity and bond markets, but with high risk-adjusted returns.

The team of three research analysts will be led by Andy Shpiz, Asian research director at Mellon HBS and includes appointments at both the Hong Kong and London offices.

Eddie Hui and Shen Lin will take up posts at Mellon's Hong Kong offices, with the later joining Shpiz on temporary assignments at Mellon Global Investments (MGI). Hui, presently with MGI Asia, will conduct research on Asian opportunities for Mellon HBV's portfolio managers.

"Asia is the next frontier for us," says Mickey Harley, chief executive officer of Mellon HBV. "With HBV now having access to local research provided by its MGI Asia affiliate, we are well positioned to capitalize on the many event-driven opportunities in the region."

Mellow HBV was established in February 1999 and currently has about $1.2 billion under management. Parent Mellon Financial Corp currently has about $4 trillion in assets under management, administration and custody.