Saturday, 26 July 2014
Last updated 19 hours ago
May 3 2012 | 7:40am ET
New York-based financial services firm Direct Access Group is set to acquire Discovery Capital Management and its funds of managed accounts.
The acquisition is the first since Donald Motschwiller, former Dahlman Rose & Co president, was tapped to lead Direct Access’ new asset management business. Discovery founder Thomas Zucosky and CIO Jonathan Friedman will remain in their posts.
Said Zucosky in a statement: “We are excited to join Direct Access as the cornerstone of its asset management division. Our flagship fund offers investors access to alpha-focused hedge fund talent exclusively via separately managed accounts. Direct Access is the perfect platform to introduce a forward-looking and innovative product to institutional investors and family offices seeking non-correlated returns.”
Ben Chinea, CEO and founder of Direct Access Group, said: “The Discovery acquisition is the realization of our firm’s strategic goal to expand into relevant and complimentary business lines. Direct Access continues to pursue new business opportunities in asset management and global institutional trading across all asset classes.”
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…