Deals and Transactions

Evercore Partners Inc 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 USD45 million in cash to the current partners of ABS. »

Saba Capital Management, the USD4.7 billion hedge fund set-up by credit derivatives trader Boaz Weinstein, has appointed Throgmorton to provide a full-range of back-office services for its new UK operations. Saba Capital set up its UK entities in June, and is currently awaiting FSA registration. »

Specialist finance and advisory firm Trafalgar Capital Advisors (TCA) has entered into a strategic partnership with Marylebone Fund Management Group to launch the PreIpo2Ipo fund, which will provide bridge financing to innovative organisations seeking listing on small-cap exchanges or listing platforms in the UK, US, Ireland, Germany and Dubai. »

Effective 17 October, 2011 GSC Group Limited has joined the Black Diamond family of companies and will now operate under the name Black Diamond Capital Management Limited. »

The signing of Jersey’s Tax Information Exchange Agreement (TIEA) with India is a welcome development in the island’s progress in establishing closer commercial ties with the country, according to Jersey Finance chief executive, Geoff Cook. »

BNY Mellon has been appointed by Oddo Asset Management (Oddo AM) to provide fund administration and custody services for its new hedge fund, Orsay Merger Arbitrage. »

Opus Fund Services, an independent fund administrator, has acquired the hedge fund administration unit of Agile Hedge Solutions, LLC based in San Francisco. Opus, based in Bermuda and with offices in Chicago and San Francisco, expects the transaction will immediately strengthen its west coast presence. »

Phoenix Fund Services has won the contract to provide the middle office, fund accounting and transfer agency services for the Coppertree Dynamic Fund. »

JP Morgan Worldwide Securities Services today announced that it has been appointed by Cerberus Capital Management, LP, one of the world’s leading private investment firms, to provide fund administration and related securities services for its investment funds with aggregate assets of over USD23 billion.  »

Five major financial institutions have taken a minority stake in Chi-X Global Holdings LLC, the holding company for Chi-X market operators Chi-X Canada, Chi-X Japan and Chi-X Australia, which will launch on 31 October, 2011. »