Sunday, 29 March 2015
Last updated 1 day ago
May 27 2014 | 12:40pm ET
After a decade, private-equity firm TA Associates is cashing out of hedge fund Numeric Investors.
More than a year after an auction for the minority stake in Boston-based Numeric produced no acceptable bids, TA has struck a deal with a large overseas hedge fund, Hedge Fund Alert reports. The unidentified buyer—HFA notes that speculation has centered on Man Group—is actually taking a majority stake in the firm, indicating that founder Lang Wheeler and Numeric’s other partners are selling some of their stake, as well.
Barclays and Freeman & Co. brokered the sale. Terms of the deal were not disclosed.
TA bought its piece of Numeric, a quantitative specialist, in 2004, investing some of its TA 9 fund, which launched in 2000. The Boston-based firm has been looking to exit the investment for nearly two years.
Numeric was founded in 1989 and has about $14 billion in assets under management.
If the buyer proves to be Man, it will be the giant firm’s latest major acquisition, following deals in recent years for GLG Partner and FRM Holdings. Man CEO Emmanuel Roman—himself a former GLG executive—said in February it hoped to acquire a U.S. firm.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…