Fri, Apr 25, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Tetragon Financial Group buys Polygon Management for $98.5m

Tuesday, October 30, 2012

Bailey McCann, Opalesque New York: Tetragon Financial Group Limited, a Guernsey closed-ended investment company traded on NYSE Euronext in Amsterdam, has purchased Polygon Management LP, a hedge-fund firm founded by the same management team, for about $99m. Tetragon is largely focused on structured loans but appears to be expanding its business portfolio with this purchase.

The firm reported its third quarter earnings report today. According to a Bloomberg account of the transaction, Tetragon used 11.7m of its non-voting shares to make the purchase. Polygon principals Reade Griffith and Paddy Dear are also directors and principals at Tetragon, based on Friday's share price Reuters values the transaction at $98.5m. In its earnings statement, Tetragon showed that its asset management segment continues to grow. "We believe that TFG owning or having stakes in asset management businesses may provide repeatable income streams and reduce fees paid to third-party managers," the firm wrote.

Polygon also owns a 13% stake in GreenOak Real Estate LP, an investment firm that oversees $1.9bn, and LCM Asset Management LLC, an investor in syndicated loans that holds assets valued at about $4.5bn, both companies were discussed in the earning state......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Rainwater and Blue Sky - an Australian water fund emerges[more]

    Bailey McCann, Opalesque New York: Financial reporters often tout new funds and investments as uncorrelated investments, but few can say they are uncorrelated to everything but weather. Enter Blue Sky Alternative's water fund which invests in the permanent rights to Australia's water. Sev

  2. Regulatory – Expect greater SEC scrutiny of hedge funds that share information or collaborate in advance of their trades, Alternative funds to get SEC test for leverage, liquidity[more]

    Expect greater SEC scrutiny of hedge funds that share information or collaborate in advance of their trades From Thelawyer.com: A recent Wall Street Journal article — ‘Activist investors often leak their plans to a favoured few’ — focused attention on ‘activist’ investors and stock analy

  3. …And Finally – This week's least competent criminal is Austrian[more]

    From ABCnews.go.com: A German sought by authorities for alleged fraud has been arrested in Austria — after dropping into a police station to ask officers whether he was under investigation. Police in Salzburg said the 59-year-old man walked into a police station in the city on Friday night. Sp

  4. Investing – Hedge funds find pitfalls along with profits in real estate ventures, Marcato Capital Management makes new bet on Dillard’s[more]

    Hedge funds find pitfalls along with profits in real estate ventures From Law360.com: Hedge funds have joined the rush to real estate deals and development in recent months to close the financing gap left by tightening bank standards, but attorneys say many aren't prepared for the disclo

  5. Agecroft Partners estimates 90% of hedge funds using social media[more]

    The use of social media has increased significantly within the hedge fund industry over the past couple of years. Social media is broadly used by investors as part of their due diligence process on hedge funds, by service providers in their sales efforts to hedge funds, and by hedge funds to enhance