Private Bank Pays $517M For Hedge Fund Marble Bar

Dec 4 2007 | 8:37am ET

Swiss private bank EFG International has agreed to pay $517 million for hedge fund manager Marble Bar Asset Management; the deal value could rise as high as $1.3 billion based on performance goals. In addition, the sellers will get a 20% of the equity in performance-linked payments.

Five managers at London-based Marble Bar, including founders Hilton Nathanson and Gilad Hayeem, and Lehman Brothers, which owns 20% of the firm, will share in the initial payout, with $117 million going to Lehman. The Marble Bar partners have agreed to reinvest their $400 million for up to six years.

EFG will own all of Marble Bar save for 9.99%, which goes to its Greek affiliate, Eurobank EFG.

Marble Bar manages $4.4 billion in assets. EFG said it expects its new unit to turn a profit of between $80 million and $100 million next year.


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