Tuesday, March 13, 2007

Lehman buys a 20% stake in DE Shaw - MSNBC.com

"Lehman Brothers has taken a 20 per cent stake in DE Shaw, one of the world's biggest hedge fund groups - part of a growing trend by big banks to take strategic stakes in the rapidy growing hedge fund industry.
Terms of the deal were not disclosed. But banks have been paying 15 to 20 per cent of funds under management for hedge funds. Under that model, DE Shaw would be valued at up to $6bn, making a 20 per cent stake worth up to $1.2bn."

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