Saturday, 28 November 2015
Last updated 19 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…