Mon, Nov 30, 2015
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

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. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  5. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega