Financial Times – A fund run by Goldman Sachs became the third in as many days to buy a stake in a hedge fund manager, taking a minority holding in New York’s Claren Road Asset Management.
Claren Road, which manages $2.7bn, is a specialist in the credit markets and one of the few to navigate the current crisis unscathed, at least so far.
In the first quarter its flagship fund is understood to have gained about 3 per cent, after rising more than 10 per cent last year.
The deal follows Monday’s purchase by Man Group of half of Ore Hill, a $3bn New York credit hedge fund, for $235m, and Tuesday’s announcement by Morgan Stanley that it had taken a minority holding in $300m London commodity hedge fund Hawker Capital.
