Saturday, 26 July 2014
Last updated 12 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…