Tremont Capital Management Inc. in Rye, N.Y., said Tuesday that it has a definitive agreement to sell its Tass Research database business to Lipper, a fund analysis and research firm that is a subsidiary of Reuters Group PLC.
The agreement would let Tremont, which manages more than $13 billion of hedge fund assets, retain the right to use the Tass Research database to support its core asset management and investment product business and continue to manage data collection and maintenance for the database.
The database lists more than 6,600 funds and managers and supplies information on alternative investment funds and managers like hedge funds - including long-short equity, equity-market-neutral, event-driven, distressed-securities, risk-arbitrage, convertible arbitrage, fixed-income arbitrage, managed-futures, and emerging-market funds; commodity trading advisers; and funds of funds.
Tremont Capital's business lines include research and investment management services, sale and distribution of proprietary investment products, and database sales and information services. It is an affiliate of OppenheimerFunds Inc.
