Tuesday, 28 April 2015
Last updated 2 min ago
Dec 13 2007 | 9:22am ET
New York hedge fund giant Eton Park Capital Management is going around the world to buy a piece of a mutual fund. The US$10 billion hedge fund agreed to pay $127 million for a 5% stake in India’s largest mutual fund manager, Reliance Capital Asset Management.
The deal, which values Reliance at about US$2.5 billion, will inject capital into the firm as it prepares to launch an overseas fund targeting foreign institutional investors, the Financial Times reports.
For its part, Eton Park founder Eric Mindich said, “We share Reliance Capital’s excitement on the growth prospects of the industry.”
Reliance manages about US$20 billion in assets, up from just US$100 million six years ago. All told, assets under management in the Indian mutual fund industry have soared 60% since January.
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…