Merrill Lynch today announced it will take a passive minority stake in alternative investment manager DiMaio Ahmad Capital, confirmed Terez Hanhan, Merrill Lynch spokeswoman. As part of the deal, Merrill Lynch also committed proprietary capital to be invested in DiMaio Ahmad hedge funds through Merrill Lynch's Hedge Fund Development and Management Group. DiMaio Ahmad will remain an independent firm. Terms were not disclosed.
DiMaio Ahmad manages $2 billion in hedge fund assets, according to the statement. The firm's principal strategies are in credit investing, offering its clients investment opportunities in various hedge fund and structured credit vehicles.