Direct Access Group, a diversified institutional financial services enterprise, is to acquire Discovery Capital Management, LLC (Discovery).
The acquisition is the first transaction following the appointment of Donald Motschwiller to lead the Direct Access asset management business and formally launches the asset management initiative. Thomas Zucosky, Founder of Discovery Capital, and Jonathan Friedman, Chief Investment Officer, will retain their current roles.
Ben Chinea (pictured), CEO and Founder of Direct Access Group, says: “The Discovery acquisition is the realisation of our firm’s strategic goal to expand into relevant and complimentary business lines. Direct Access continues to pursue new business opportunities in asset management and global institutional trading across all asset classes.”
Tom Zucosky, President of Discovery, says: “We are excited to join Direct Access as the cornerstone of its asset management division. Our flagship fund offers investors access to alpha-focused hedge fund talent exclusively via separately managed accounts. Direct Access is the perfect platform to introduce a forward looking and innovative product to institutional investors and family offices seeking non-correlated returns.”
Donald Motschwiller, Managing Partner, says: “The acquisition of Discovery is an important first step toward building our asset management franchise. Discovery is an excellent strategic fit with Direct Access. I have collaborated with Tom and Jonny in the past and welcome them as colleagues. We look forward to growing the asset management business organically and through further acquisitions.”
