Saturday, 30 August 2014
Last updated 23 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...