Friday, 28 November 2014
Last updated 1 day ago
Jul 25 2012 | 10:01am ET
The changes continue to come fast and furious at New York alternatives shop Oakum Bay Capital.
The former KVO Capital Management, which last month moved from Hanover, N.H., to the Big Apple and named former York Capital partner Brooke Parish president and CEO, has now formed a strategic relationship with White Mountains Insurance Group.
Under the deal, White Mountains becomes a strategic minority shareholder in Oakum Bay and will become one of the largest investors in the firm's funds; precise terms of the agreement were not disclosed. In exchange, Kernan Oberting, Oakum Bay's founder, will move to White Mountains, where he worked from 1995 until 2004.
At White Mountains, Oberting will be a senior partner and will oversee its investment in Oakum Bay, as well as seeking out other strategic opportunities. He will remain chairman of Oakum Bay.
Oakum Bay plans to use White Mountains' money to boost its staff and upgrade its infrastructure.
"Securing a strategic relationship with a prominent financial firm like White Mountains is a significant step in Oakum Bay’s efforts to attract institutional investors and build an enduring, high-quality investment firm," Parish said. "I look forward to White Mountains’ continued support and to ongoing, close collaboration with Kip in his role as chairman of our firm."
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