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Komfie Manalo, Opalesque Asia: Activist hedge fund manager Elliott Management Corporation has signed an agreement to acquire a controlling interest in Aeolus Capital Management Ltd. (ACM) and its affiliated entities.
Elliott said that the deal is still subject to the completion of definitive documentation and regulatory approval and is expected to be completed before year end.
Peter Appel, founder of ACM, and Allied World Assurance Company, commented on the transaction, "This transaction has been months in the making, and we have worked carefully to ensure that this new partnership will serve the best interests of our investors. Elliott is one of the world’s most highly respected hedge funds, having compiled an extraordinary record of outstanding and consistent performance over nearly 40 years. More importantly for us, though, Elliott shares our analytical and disciplined approach to generating exceptional risk-adjusted returns for our investors, and will provide us with access to additional resources, insights and relationships to help us broaden our product offerings and further establish Aeolus as an enduring and growing franchise."
Under the deal ACM, and Allied World will each retain significant minority ownership positions, with Appel continuing to serve ACM as its Non-Executive Chairman and Allied World continuing as a substantial...................... To view our full article Click here
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