NEW YORK — WL Ross & Co. LLC said it had bought a minority share in another hedge fund manager, Dalton Investments LLC, so it can expand product offerings in Asia.

Wilbur Ross, president and CEO of the $700 million-asset WL Ross, said it will hold a “significant” minority stake in Dalton. The purchase was announced July 11.

WL Ross sponsors three private equity partnerships and two hedge funds that sell in Korea and this country. Los Angeles-based Dalton manages $800 million of assets in global high-yield and Japanese hedge funds and uses value-oriented investment strategies.

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