P. Schoenfeld Looks To Buy Hedge Funds

Mar 24 2009 | 2:00am ET

New York investment firm P. Schoenfeld Asset Management is doing its part to make predictions about hedge fund consolidation a reality. PSAM namesake and CEO Peter Schoenfeld told a New York conference that his firm is in talks to acquire three hedge funds, and that it might not stop with those three.

“Right now we are speaking to three, but we could speak to more,” Schoenfeld told the Reuters Private Equity and Hedge Funds Summit.

Schoenfeld did not identify the potential acquisitions, but said that they each managed between $200 million and $400 million.

“The cost of business has gone up fairly dramatically,” he said. “So there are economies of scale out there.”

Still, he cautioned that none of the possible deals had closed yet, noting that “strong egos” and “cultural things” could keep the acquisitions from happening.

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