Thursday, 2 October 2014
Last updated 17 hours ago
Dec 5 2013 | 11:26am ET
A year before it collapsed, Lehman Brothers bought a 20% stake in hedge fund giant D.E. Shaw group. Now, five years after it went into bankruptcy, it is looking to sell that interest.
The Lehman estate has invited six firms to bid on the D.E. Shaw stake, which is passive. It is expected to fetch between $650 million and $800 million, according to The Wall Street Journal, in line with what the bank paid for it in 2007.
The invited bidders include Affiliated Managers Group and Foundation Capital Partners, which invest in hedge fund managers, and private-equity giant Blackstone Group. Bids are due this month, with two finalists selected early next year. Goldman Sachs is leading the sale.
The final price is likely to be contingent on D.E. Shaw's performance. The hedge fund will likely open its books to allow the finalists to complete due diligence.
Lehman emerged from bankruptcy last year and is now selling off its remaining assets to pay off creditors, who are owed $80 billion.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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