Wednesday, 20 August 2014
Last updated 10 hours ago
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.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note