Lehman Brothers acquired a 20% stake in the investment management units of D.E. Shaw in a deal that closed March 12. Randall Whitestone, a Lehman spokesman, would not disclose the terms of the deal other than noting that it involved an immediate payment and future contingent payment.
Our stake in the D.E. Shaw group, which offers a broad array of alternative and long-only products, is consistent with our pioneering program of minority position in world-class investment platforms, George H. Walker, Lehmans global head of investment management, said in a news release. Lehman has minority stakes in alternative asset managers including GLG Partners, Marble Bar Asset Management, Ospraie Management and Spinnaker Capital Management.
Lehman managed about $225 billion as of Nov. 30, while D.E. Shaw managed about $29 billion as of March 13. Lehmans minority ownership will not affect D.E. Shaws day-to-day operations, said Trey Beck, managing director and head of investor relations for D.E. Shaw.