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Hedge Funds

P. Schoenfeld Asset Management takes minority stake in CdR Capital

P. Schoenfeld Asset Management acquired a minority stake in alternative investment firm CdR Capital, confirmed Taylor Ingraham, spokesman for PSAM.

The acquisition will give PSAM, a event-driven specialist with a fundamental research-based approach and $2.2 billion in assets under management, access to CdR Capital, a manager with asset allocation expertise and a quantitative investment strategy, with AUM totaling $3 billion. As part of the agreement, PSAM and CdR Capital will collaborate on joint ventures and build client investment strategies.

Both firms manage hedge funds. PSAM is headquartered in New York; CdR is based in London.

Terms of the deal are not being released.