Tuesday, 25 November 2014
Last updated 2 hours 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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