Brevan Howard Capital Management acquired a 25% stake in New York money manager Penso Advisors, said a Penso spokesman.
Financial terms of the deal, which closed March 5, were not disclosed.
Penso will remain a separate entity managing customized hedging overlays and macro special opportunities for institutional clients. No changes to Penso's staff are anticipated now.
“We are confident that this partnership will help expand our business globally offering institutional investors … alpha-based tail-risk management and high convexity special opportunities,” said Jaime Shechter, senior managing director and chief operating officer of Penso Advisors, in a news release.
Brevan Howard is a $27 billion hedge fund firm. Penso manages and advises on $3.1 billion in assets.
