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Affiliated Managers buys stakes in hedge funds from Goldman fund
2016年6月6日 / 下午2点32分 / 1 年前

Affiliated Managers buys stakes in hedge funds from Goldman fund

BOSTON, June 6 (Reuters) - Affiliated Managers Group Inc , a holding company for money management firms, said on Monday it will buy stakes in five hedge funds from Goldman Sachs for $800 million, sparking a 3.5 percent jump in the stock.

AMG, which has been buying pieces of hedge funds for more than a dozen years, said the deal will boost its assets under management by roughly $55 billion to $700 billion and increase economic earnings per share by 50 cents to 80 cents in 2017.

Goldman is selling minority stakes that its Petershill Fund I owns in hedge funds Winton Capital Group Ltd, Capula Investment Management LLP, Partner Fund Management LP, Mount Lucas Management LP, and CapeView Capital LLP.

Senior management at each of the funds will continue to own the bulk of the equity and operate independently under the same terms as the prior arrangements with Petershill Fund I, AMG said.

AMG’s share price, which has fallen 21 percent over the last 12 months, got a shot in the arm after the announcement, trading at $177.45, up $5.93.

Hedge funds have suffered through their worst period since the financial crisis, with many posting lackluster returns and investors complaining loudly about hefty fees.

During the first three months of 2016, investors pulled out $17 billion in assets from hedge funds, which manage roughly $2.8 trillion. (Reporting by Svea Herbst-Bayliss; Editing by Jeffrey Benkoe)

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