Friday, 24 June 2016
Last updated 1 hour ago
Jan 31 2007 | 10:15am ET
Lehman Brothers is getting in on the hedge fund shopping spree.
Just months after rival Morgan Stanley bought stakes in four hedge fund firms, Lehman is buying a 20% share of $5 billion London emerging markets hedge fund Spinnaker Capital Group. The firm said it expects to boost its stake in Spinnaker even further, to 25% by the end of the year.
Lehman did not disclose how much it was paying for the stake.
Spinnaker, which has $5 billion of assets under management, invests in multiple asset classes in emerging markets in Asia, Latin America, Eastern Europe, and the Middle East.