Reuters – Australia’s Macquarie Capital has acquired European-based boutique commodities hedge fund Craton Capital, sources close to the deal said.
No details about the price Macquarie paid were forthcoming, but a source at the bank said: "The four members of the hedge fund team have come across to Macquarie Capital and are relocating to Australia."
A source familiar with Craton said the fund had around $100 million under management in its hedge fund.
Many banks worldwide are racing to develop or expand commodities operations to cash in on rising prices and diversify from equity and debt markets, which have suffered searing losses in recent months on mounting fears that the United States is sliding into recession and growing fallout from a fast spreading global credit crunch.
