Sales of alternative investment firms account for a record 40 per cent of deals in the global investment management business so far in 2008, according to Jefferies Putnam Lovell, an adviser on alternative investment transactions and the division of Jefferies Group focused on the asset management and financial technology industries.

Of the 73 asset management transactions announced in the first four months of 2008, 29 have involved alternative investment firms, according to Jefferies Putnam Lovell, including 20 featuring hedge fund and fund of hedge funds managers. Last year the deal flow involving alternative investment firms represented 32 per cent of the 241 transactions in the global asset management industry.

'We expect record demand for alternative asset managers to continue throughout 2008, motivated by buyers' search for absolute returns and innovative products in challenging capital markets,' says Aaron H. Dorr, a New York-based managing director at Jefferies Putnam Lovell.

The firm has been involved as a financial adviser in several transactions this year involving alternatives firms, including the sale announced this week of a 39 per cent stake in Stamford, Connecticut-based Aladdin Capital, which focuses on non-traditional fixed income strategies, to Japan's Mitsubishi Corporation.

Jefferies Putnam Lovell was also involved in the reverse merger announced in March between global multi-strategy investment firm Halcyon Asset Management and Alternative Asset Management Acquisition Corp, a publicly-traded special-purpose acquisition vehicle, the sale of an interest in Hong Kong-based Vision Investment Management to Turin-based investment company Ifil in February, and the acquisition by Deutsche Bank in January of Carlsbad, California-based hedge fund administrator HedgeWorks.

Jefferies Putnam Lovell offers a wide range of corporate advisory services, including mergers and acquisitions advice and capital raising, to diversified financial services firms, institutional and mutual fund managers, alternative investment managers, banks, broker-dealers, insurers, and financial technology firms. Putnam Lovell, which was founded in 1987 and has offices in New York, San Francisco, Boston and London, was acquired by Jefferies last July.

       

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