PEAK6 Advisors, which manages $2.3 billion in hedge fund assets, will spin out of parent company PEAK6 Investments on Sept. 30.
The firm will be renamed Achievement Asset Management and will remain in PEAK6 Investments’ Chicago office.
Brad Goldberg, president of PEAK6 Investments, said the firm will sell its 50% stake in the hedge fund unit to Joseph Scoby, CEO and chief investment officer, who owns the other 50% of the firm.
All employees of PEAK6 Advisors will move to Achievement Asset Management with Mr. Scoby, who intends to offer employees the opportunity to buy equity ownership in the firm, Mr. Goldberg said.
The terms of the deal include an upfront cash payment to the parent firm as well as share revenue from Achievement for several years after the sale, Mr. Goldberg said, declining to provide more specifics.
Mr. Scoby was out of the office and unavailable for comment on Friday.
In addition to the money management unit, PEAK6 Investments also offers proprietary trading, risk management and online retail brokerage businesses and intends to broaden its capabilities, Mr. Goldberg said. Part of the driver behind the hedge fund spinoff is its investors’ concern that the money management team maintain its focus on the hedge fund, even as the parent company expands.
