Wednesday, 23 July 2014
Last updated 14 hours ago
Apr 19 2012 | 11:12am ET
Goldman Sachs is in talks to sell its Petershill Fund to a Credit Suisse unit that takes minority stakes in hedge funds and asset managers.
A deal with Asset Management Finance is not necessarily imminent, The New York Times reports. Nor is it clear how much of Petershill AMF would buy or how much it would pay. But the group, which owns stakes in 21 asset managers, including hedge funds Brigade Capital Management and FX Concepts, is reportedly interested in most of Petershill's portfolio, which includes minority stakes in some of the bigger names in the hedge fund industry, among them Capula Investment Management, Trafalgar Asset Management and Winton Capital Management.
Goldman's motives for seeking to unload Petershill are unclear, but impending U.S. regulations strictly limiting banks' alternative investment activities and some difficulties for Petershill—three of its portfolio companies have closed down in the past year—could be among the factors. In addition, the fund's manager, Jonathan Sorrell, left Goldman for the Man Group last summer.
Goldman launched the private equity fund in 2007 with $1 billion.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…