Evercore Buys Stake In ABS

Jan 3 2012 | 1:52pm ET

Evercore Partners has completed its acquisition of a big chunk of fund of hedge funds ABS Investment Management.

The investment bank announced the closing of the purchase on Thursday. The deal, for 45% of ABS was announced in November.

Greenwich, Conn.-based ABS has $3.5 billion in assets under management; founders Alain de Coster, Guilherme Ribeiro and Laurence Russian will continue to manage the firm and its employees continue to own a controlling stake.

Evercore reportedly paid about $45 million for the stake.

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