Monday, 4 May 2015
Last updated 20 min ago
Sep 28 2010 | 12:51pm ET
Investment bank Moelis & Co. has agreed to buy hedge fund Gracie Credit, giving its asset management division a foothold in the alternatives business.
Terms of the deal, expected to close in November, were not disclosed. But Gracie, whose Credit Opportunities Fund manages about $2 billion, will operate as an autonomous business within Moelis with some 30 staffers. Managing partner Daniel Nir and Partners James Palmisciano, Manbir Singh, Michael Robertson and Alex Koundourakis have all signed long-term contracts with Moelis, Nir agreeing to stay for at least two years and the others for at least five. Each will also get a stake in Moelis.
“The acquisition of Gracie significantly enhances our platform for institutional clients seeking top-tier investment solutions and further expands our business activities,” CEO Ken Moelis said. “This acquisition is consistent with our strategic goal to build a leading global investment bank that can best serve clients and build long-term, trusted relationships.”
Nir founded Gracie Capital in 1999 and launched the credit opportunities fund five years later. It has returned an average of 13% a year since then. Gracie shuttered an event-driven hedge fund two years ago.
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…