Tuesday, 5 May 2015
Last updated 9 hours ago
Jan 17 2014 | 12:17pm ET
Apollo Global Management wants out of fund of hedge funds Lighthouse Investment Partners.
The private-equity giant is disappointed with Lighthouse's performance and had disagreements with the firm over strategy, leading to the proposed divorce, Reuters reports. Apollo distributes Lighthouse's funds of funds and managed-account products.
Apollo's dissatisfaction has led Lighthouse owner HFA Holdings—in which Apollo owns a 40% stake—to hire investment bank Freeman & Co. to explore options for the business, which accounts for nearly 90% of its assets under management and about 90% of its operating income. A sale of Lighthouse is possible, according to Reuters.
Apollo bought its stake in HFA just over three years ago, as its p.e. rivals also expanded into funds of hedge funds. But HFA shares haven't appreciated much, as Lighthouse has struggled to increase its revenue.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…