Saturday, October 02, 2004
Kenmar Deal - DISCUSS W/MIKE SANDERSON
Kenmar Acquires Funds from Prudential Securities --->By Chidem Kurdas, New York Bureau Chief Friday, October 01, 2004 4:34:10 PM ET
NEW YORK (HedgeWorld.com)—Kenmar Group of Companies, a Greenwich, Conn.-based fund of funds firm, purchased futures pools with US$200 million in assets from Prudential Securities Futures Management Inc., part of Prudential Financial, headquartered in Newark, N.J.
Included in the transaction are 13 managed futures funds, eight U.S. public funds, one U.S. private fund and four funds domiciled in Ireland and listed on the Irish Stock Exchange, according to an announcement. A unit of Kenmar, Preferred Investment Solutions Corp., formerly Kenmar Advisory Corp., is to be the managing owner.
The firm indicated that this acquisition increases its involvement with U.S. broker-dealers, and it plans to add other alternative investment products to further develop this business. Kenmar manages more than US$1.5 billion in assets.
Investment bank Putnam Lovell NBF Securities Inc., New York, was Kenmar’s adviser in this transaction. Putnam Lovell has been involved in a number of other hedge fund deals. These include the sale of fund of funds assets by Alpha Investment Advisory Group Ltd. to Safra Group, a Brazilian private bank.
Putnam Lovell also advised Mellon Financial Corp.’s purchase this summer of Evaluation Associates Capital Markets, a Norwalk, Conn.-based manager with US$2.9 billion in hedge fund investments.
Mergers and acquisitions have been changing the hedge fund landscape. JPMorgan Chase recently made a deal to buy a majority stake in Highbridge Capital Management, a New York-based manager with US$7 billion in assets Previous HedgeWorld Story.
Many less-prominent managers, firms and family offices also have been using M&A to develop hedge fund businesses or get more assets Previous HedgeWorld Story.
NEW YORK (HedgeWorld.com)—Kenmar Group of Companies, a Greenwich, Conn.-based fund of funds firm, purchased futures pools with US$200 million in assets from Prudential Securities Futures Management Inc., part of Prudential Financial, headquartered in Newark, N.J.
Included in the transaction are 13 managed futures funds, eight U.S. public funds, one U.S. private fund and four funds domiciled in Ireland and listed on the Irish Stock Exchange, according to an announcement. A unit of Kenmar, Preferred Investment Solutions Corp., formerly Kenmar Advisory Corp., is to be the managing owner.
The firm indicated that this acquisition increases its involvement with U.S. broker-dealers, and it plans to add other alternative investment products to further develop this business. Kenmar manages more than US$1.5 billion in assets.
Investment bank Putnam Lovell NBF Securities Inc., New York, was Kenmar’s adviser in this transaction. Putnam Lovell has been involved in a number of other hedge fund deals. These include the sale of fund of funds assets by Alpha Investment Advisory Group Ltd. to Safra Group, a Brazilian private bank.
Putnam Lovell also advised Mellon Financial Corp.’s purchase this summer of Evaluation Associates Capital Markets, a Norwalk, Conn.-based manager with US$2.9 billion in hedge fund investments.
Mergers and acquisitions have been changing the hedge fund landscape. JPMorgan Chase recently made a deal to buy a majority stake in Highbridge Capital Management, a New York-based manager with US$7 billion in assets Previous HedgeWorld Story.
Many less-prominent managers, firms and family offices also have been using M&A to develop hedge fund businesses or get more assets Previous HedgeWorld Story.
# posted by Tom @ 10:28 AM 
