New York (HedgeCo.net) – Mizuho Corporate Bank, Ltd. (MHCB) entered into a stock purchase agreement with the shareholders of Eurekahedge Pte. Ltd., acquiring 95% of Eurekahedge’s issued and outstanding ordinary shares, on a fully-diluted basis.
“The Eurekahedge Hedge Fund Index’s performance has risen over 220% since we have been tracking the industry from 2000 and the size of the industry has grown to US$ 1.7 trillion. Despite some high profile blow ups in the last few years the bulk of the industry weathered the most recent financial crisis rather well and we see 2011 as being a bumper year for the industry both in terms of asset growth and performance,” said Alexander Mearns, CEO of Eurekahedge
“We are incredibly enthusiastic about working with Mizuho Corporate Bank and the team at MGAI and utilising our 10 years of hedge fund data and index experience to our mutual benefit.”
Eurekahedge will become a subsidiary of MHCB. The founders of Eurekahedge and the current Chief Executive Officer will together retain the remaining 5% of the ordinary shares of Eurekahedge and will continue to participate in its management. By maintaining management continuity, MHCB intends for Eurekahedge to continue to offer its existing services to its current customers.
Editing by Alex Akesson
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