Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2301)	6/29/2010 7:26:12 AM
From: RockyBalboa	Respond to of 3862

Yes GLG was an interesting one. When GLG sold itself to Freedom, it was already in a longer decline with some managed funds having gone ill, tainted with an insider trading prosecution regarding a Vivendi private placement and others. Lehman used to be a silent 20% owner of GLG as its principals were Lehman alumni...it might still be the better "done" deals with giving back the investors 45% instead of nothing. >>> Lehman's On The Prowl Liz Moyer, 06.14.05, 3:05 PM ET NEW YORK - Lehman Brothers is open to making acquisitions of asset managers or hedge funds as it continues to diversify. During a conference call Tuesday to discuss second-quarter earnings, David Goldfarb, the firm's chief administrative officer, said it would consider buying a traditional or alternative fund firm "if we could find a strategic opportunity that was accretive and a cultural fit." No better time than the present, according to fund industry watchers, who say financial pressures are forcing smaller-fund managers to reconsider being in the business. A number of other firms that were caught up in the 2003 scandal over mutual fund market timing and late trading could also be ripe takeover targets. "You're seeing a lot more institutions focusing on why they are in the business," said Geoffrey Bobroff, a mutual fund consultant in East Greenwich, R.I. "Is the reputational risk greater than the revenue potential?" ..... Lehman has made a push in investment management, particularly to build out its alternative offerings, including hedge funds, to appeal to demand from institutions and wealthy individual clients. In April, it took a 20% stake in hedge fund Ospraie Management, which has $2 billion under management in hot areas like commodities funds. Lehman is still considering adding to its 20% stake in London fund GLG Partners. In 2003, it bought a private equity fund management firm, Crossroads Group, putting its private equity assets under management at over $7 billion. A lot of Lehman's growth has come from hiring. In March it hired Jolyne Caruso to run its absolute return strategies business, which includes hedge fund management. Caruso came from hedge fund Andor Capital, which she founded after leaving JPMorgan Chase (nyse: JPM - news - people ) in 2001. Also that month, Lehman hired a portfolio management team and most of the assets of Sloate Weisman, Murray & Co., which manages $300 million in large- and mid-cap value stocks. Also see: bu.edu