Thu, May 26, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Direct Access to acquire Discovery Capital Management and its funds of managed accounts

Thursday, May 03, 2012
Opalesque Industry Update – New York-based Direct Access Group, LLC (Direct Access), a diversified institutional financial services enterprise, announced that it will acquire Discovery Capital Management, LLC (Discovery) (New York). The acquisition is the first transaction following the appointment of Donald Motschwiller to lead the Direct Access asset management business and formally launches the asset management initiative. Thomas Zucosky, Founder of Discovery Capital, and Jonathan Friedman, Chief Investment Officer, will retain their current roles.

Ben Chinea, CEO and Founder of Direct Access Group added, “The Discovery acquisition is the realization of our firm’s strategic goal to expand into relevant and complimentary business lines. Direct Access continues to pursue new business opportunities in asset management and global institutional trading across all asset classes.”

Tom Zucosky, President of Discovery, commented, “We are excited to join Direct Access as the cornerstone of its asset management division. Our flagship fund offers investors access to alpha-focused hedge fund talent exclusively via separately managed accounts. Direct Access is the perfect platform to introduce a forward looking and innovative product to institutional investors and family offices seeking non-correlated returns.”

Donald Motschwiller, Managing Partner, remarked, “The acquisition of Discovery is an important first step toward building our asset management franchise. Discovery is an excellent strategic fit with Direct Access. I have collaborated with Tom and Jonny in the past and welcome them as colleagues. We look forward to growing the asset management business organically and through further acquisitions.”

(press release)

Founded in 2002, Direct Access Group, the parent of Direct Access Partners, LLC, is an institutional diversified financial services enterprise. Direct Access Partners, LLC offers multi-asset class trading capabilities in over 100+ developed and emerging markets to a range of buy-side clients including mutual funds, hedge funds and registered investment advisers. The firm provides a wide range of trading-related services including global introduced prime services, independent research and commission management. The Capital Alternatives Group offers hedge fund clients a unique integrated capital introduction and capital raising service offering. www.daptrading.com

BG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. Ares Capital to buy American Capital in $3.4 billion deal[more]

    From PIOnline.com: Ares Management's business development company Ares Capital Corp. is buying troubled BDC American Capital for $3.43 billion, said a joint news release by the BDCs and another release by Ares Management. Ares Capital Corp.'s assets are expected to grow to about $13.2 billion when t

  3. Performance - Hedge fund ETFs take a battering, Have long-short credit funds delivered?[more]

    Hedge fund ETFs take a battering From ETFStrategy.co.uk: It was a blow for the hedge fund world when Hillary Clinton’s son-in-law Marc Mezvinsky announced he would be closing his Greek-focused fund after it plummeted in value by 90%, just two years after it launched. For passive investor

  4. West Virginia objects to Alpha Natural sale to hedge fund[more]

    From AP/Heraldcourier.com: West Virginia's environmental authority has filed an objection to the proposed $500 million sale of Alpha Natural Resources' assets to a hedge fund, arguing that the deal could leave the state holding hundreds of millions in reclamation liabilities. The Register-Hera

  5. Launches - Man Group and American Beacon launch new emerging debt fund, Nikko AM launches new Japan equity UCITS fund[more]

    Man Group and American Beacon launch new emerging debt fund American Beacon Advisors, an experienced provider of investment advisory services to institutional and retail markets, launched the American Beacon GLG Total Return Fund today. The Fund became effective May 20. The America