Lehman Buys Stake In Spinnaker

Jan 31 2007 | 11:15am 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.

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