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 15 hours 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.