Asset Alliance Corp., an investment management holding company, acquired a 50% equity interest in Liberty Corner Asset Management, said Bruce H. Lipnick, AAC president and CEO. Terms werent disclosed.
The deal brings to eight the number of hedge-fund and other alternative asset management companies in which Asset Alliance has acquired a stake. It owns 50% equity interests in each of them, he said. In all, they have $1.2 billion under management, about 60% from institutions.
Liberty Corner, based in Summit, N.J., manages $100 million, including $70 million for institutions, in a fixed-income arbitrage strategy, using primarily Treasury securities and financial futures.
Mr. Lipnick said Asset Alliance will announce another investment manager acquisition later this month.