Sunday, 28 December 2014
Last updated 3 days ago
Dec 4 2007 | 7:37am 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.