Coast Asset Management Makes Ownership Changes To Fund

Sep 14 2006 | 12:00am ET

Coast Asset Management is making changes to the ownership structure of its $240 million Coast Special Situations Fund, which the firm launched in May of 2003.

According to a source close to the firm, under the original agreement, Brian Selmo, manager of the fund, was seeded by Coast, and now that his fund has performed well and has a track record, both Selmo and the firm felt the time was right to revisit the agreement.

“It is a simple equity transfer. Now Coast will become an equity owner,” said the source, who spoke on condition of anonymity. “The changes are that the economics are more focused toward Brian.”


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