Eurekahedge Sells To Mizuho

Mar 4 2011 | 10:12am ET

Japan's Mizuho Financial Group is to buy the lion's share of hedge fund research outfit Eurekahedge, it said yesterday.

Mizuho Corporate Bank will pay between US$20 million and US$30 million for 95% of Singapore-based Eureka, which publishes a series of widely-followed industry indices, according to published reports. The terms of the deal were not disclosed.

The acquisition by Japan's second-largest asset manager follows its founding in October of a hedge funds business.

Eurekahedge's founders will retain a 5% stake in the company and continue to manage the firm.

Eurekahedge was established in 2001; the company employs about 40 people.

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