BayStar Asset Management acquired a stake in hedge fund of funds manager Ascendant Capital Partners from Turner Investment Partners. Terms of the deal and size of the stake were not disclosed, said Jeff Heely, BayStar CEO. Bob Turner, chairman and CIO of Turner, and Gary Shugrus, president and CIO of Ascendant, did not return calls seeking comment.
Ascendant is the first investment for BayStar, which was founded in February. BayStar will make strategic investments and acquisitions of more hedge fund of funds managers, Mr. Heely said. He expects assets under management by the companies BayStar invests in or acquires to reach $1 billion by year's end.