Goldman Sachs Group Inc.'s Petershill Fund agreed to buy a minority stake in Mount Lucas Management Corp., a global macro hedge fund manager with $1.8 billion under management.
Mount Lucas will keep autonomy over management, operations and investment strategies, the Newtown, Pa., fund said Monday. The size and value of the investment weren't disclosed.
Andrea Raphael, a spokeswoman at Goldman Sachs in New York, declined to comment on the Petershill investment.
Goldman Sachs's Petershill fund is part of the firm's asset-management division and invests in hedge fund managers. The fund has acquired stakes in Capula Investment Management LLP, Trafalgar Asset Managers and Shumway Capital Partners LLC.
Paul DeRosa, a principal at Mount Lucas, will become chairman of the firm at the end of this year and will no longer be involved in daily management of the $1.2 billion MLM MacroPeak, the company's global macro strategy, Mount Lucas said. Robert J. Barbera, Mount Lucas's chief economist, will take over DeRosa's role in MLM MacroPeak's portfolio management, the firm said. That strategy has returned 15.8% a year on average since it began in February 1996.
