Evercore (EVR) Invests $45M for Additional 45% Interest in ABS Investment Management

November 14, 2011 7:30 AM EST Send to a Friend
Evercore Partners Inc. (NYSE: EVR) has agreed to purchase a 45% non-controlling interest in ABS Investment Management, LLC, an institutionally focused equity long/short hedge fund-of-funds manager. Under the terms of the purchase agreement, Evercore will pay approximately $45 million in cash to the current partners of ABS.

Following the closing of the transaction, which is expected in the fourth quarter, ABS’ founders and employees will own 55% of the company. ABS founders Alain De Coster, Laurence Russian, and Guilherme Ribeiro do Valle, will continue to lead the company, and the investment processes and day-to-day operations will remain unchanged. The founders will sign long-term employment contracts and will invest and hold a majority of the after-tax sale proceeds in investment products managed by ABS.


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Comments

Alain De Coster: Institutions shift to long-short hedge funds for equity exposure
opalesque on 2011-11-15 05:29:02
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Alain De Coster co-founded fund of funds ABS Investment Management to capitalize on his investment team’s expertise in building successful fund of funds businesses that specialize globally in equity long-short strategies. In this Opalesque.TV interview, Alain describes the foundation of ABS to become one of the first funds of funds to be dedicated solely to equity long-short on a global scale. He also describes the advantages of maintaining a global presence to monitor all markets and invest early, including Day 1 investing.

To get more information about Alain De Coster visit this link: http://www.opalesque.tv/hedge-fund-videos/Alain_DeCoster/1


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