As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 10 min ago
Mar 31 2010 | 2:29am ET
AM Investment Partners is absorbing hard-hit BAM Capital in what an AM spokesman calls “a merger of equals.”
Both hedge funds manage about $300 million, although BAM had assets of about $1 billion two years ago before being buffeted by investment losses and investor redemptions. BAM, which was founded in 2002, moved some illiquid assets into a side-pocket in November.
No money will change hands; instead, BAM founders Ross Berman and Hal Mintz will join AM as partners, alongside the latter firm’s founders, Mark Friedman and Adam Stern. Berman and Mintz will become co-chief investment officers alongside Friedman. Stern will remain CEO of the firm he and Friedman co-founded in 2001.
“We have known the co-founders of AM and several of their portfolio managers for years,” Berman said. “A combination with them brings forth many powerful synergies.”
Both firms are based in New York. The deal is expected to close in the second quarter.