Lehman Brothers said it plans to acquire a 20% stake in Spinnaker Capital Group, an emerging markets hedge fund manager in London.
Processing Content
The price of the deal, announced Wednesday, was not released. Lehman said it expects to increase its stake in Spinnaker to 25% this year.
Spinnaker, which has $5 billion of assets under management as of Dec. 31, invests in emerging markets in Asia, Latin America, Eastern Europe, and the Middle East.
Other wire houses have made deals recently to enhance their alternative investment capabilities. Morgan Stanley bought stakes in four hedge fund managers in November and December.
