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.