Lipper Inc. has agreed to buy HedgeWorld, a news, research and analysis business covering the hedge fund industry, said Johann Wong, founder and CEO of HedgeWorld. The transaction is expected to close later this week; terms were not disclosed. HedgeWorld is owned by a consortium of private investors that includes Tremont Capital Management. HedgeWorld will operate as a Lipper business unit and its staff and management will remain in Chicago and White Plains, N.Y.
Tremont Capital also agreed to sell the TASS Research hedge-fund database business to Lipper for an undisclosed sum, said Robert Schulman, co-CEO of Tremont Capital. He said the deal could close as early as Wednesday. Tremont will continue managing the data collection and maintenance.
Sandra Lee, Lipper spokeswoman, said Lipper officials were unavailable for comment by press time.