Saturday, 20 December 2014
Last updated 21 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.