Friday, 24 April 2015
Last updated 4 hours ago
Mar 30 2010 | 7:10pm ET
Money management and advisory shop Fund.com has acquired $1 billion hedge fund firm Weston Capital Management.
Terms of the deal were not disclosed, but Weston founder Albert Hallac will remain CEO of the hedge fund manager and seeding firm, which is based in West Palm Beach, Fla. Fund.com Chairman Joseph Bianco will also assume the same post at Weston.
“We believe with the Weston Capital operations when aligned with Fund.com's majority interest in AdvisorShares, a developer and marketer of actively managed exchange-traded funds. Fund.com will be able to significantly accelerate increases of assets under management since it now has the ability to seed, originate and distribute hedge funds as well as seed, originate, develop and distribute actively traded ETFs to institutional and retail investors,” Fund.com CEO Gregory Webster and Hallac said in a joint statement.
Weston Capital has three lines of business: it originates and markets fund of funds; it originates and markets single-manager hedge funds; and it raises capital to seed new hedge funds. In 2010, Weston Capital formed a strategic alliance with $4.5 billion alternative asset management firm Harcourt.
“Weston anticipates that with greater resources and an entry to the fast-growing ETF market, we will offer our existing and potential clients a broader range of financial investment opportunities,” Hallac added. “In particular, we see great potential for growing our assets under management and related fee income by expanding our seeding platform to include the origination and development of new actively managed ETFs.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…