The bank said that it had grown its hedge fund operations from $16 billion worth of assets under management only five years ago, with last year alone seeing a 41 per cent increase in hedge fund assets.
BofNY added that the average fund size and number of funds on offer had also increased in that time.
"We have posted consistently strong organic growth in our hedge fund administration business by customizing our core operational and technology expertise to meet the unique needs of the industry," said the Bank of New York's executive vice president Brian Ruane.
"With institutional demand for hedge funds expected to triple by 2010, we are uniquely positioned to serve this burgeoning industry through hedge fund administration and a variety of other securities services."
The bank services funds of hedge funds, multi-strategy hedge funds and funds focusing on fixed-income and credit investments.