Thursday, 3 September 2015
Last updated 14 hours 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…