Thursday, 27 November 2014
Last updated 1 day ago
Nov 14 2011 | 1:12pm ET
Evercore Partners plans to buy a large minority stake in a $3.5 billion fund of hedge funds.
The investment bank will pay about $45 million for the 45% stake in ABS Investment Management. The nine-year old firm, headed by Alain de Coster, Guilherme Ribeiro and Laurence Russian, focuses on long/short equity strategies.
De Coster, Ribeiro and Russian will continue to run ABS, Evercore said. The deal is expected to close in the fourth quarter.
"This investment is consistent with our strategy of partnering with exceptional investment firms and leveraging the best skills and attributes of both these investment firms and Evercore," CEO Ralph Schlosstein said. "Consistent with our financial approach, this acquisition is expected to be accretive to earnings per share in 2012."
ABS is based in Greenwich, Conn., with offices in Zürich, Switzerland, and Hong Kong.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...