Dow Jones – Evercore Partners, the investment-banking advisory firm, has bought a stake in its first fund-of-hedge-funds manager by paying $45m for a minority interest in ABS Investment Management, which was founded in 2002 by a team from Credit Suisse.
Evercore said in a statement yesterday it had acquired a 45% non-controlling interest in ABS Investment Management, an equity long/short fund-of-hedge-funds manager, for $45m in cash.
