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Hedge Fund Buys Penso

$27B Hedge Fund Firm Acquires 25% Stake in Penso Advisors

25% stake in Penso Advisors LLC, an advisory firm that manages money for pension funds, endowments and large investors, has been acquired by hedge fund Brevan Howard Asset Management, following to Wall Street Journal report.
The New York firm, Penso Advisors LLC, helps clients hedge their portfolios to protect them from crises and in some cases looks for investment opportunities for them.
As part of the deal, Brevan Howard will get a share of fees that Penso collects, said a person familiar with the matter.
Both Penso and Brevan Howard declined to disclose how much Brevan Howard paid for the stake. Penso will remain independently managed, Penso Chief Operating Office Jaime Shechter said in a statement. The deal closed Thursday.
Penso, which manages and advises on $3.1 billion, said it would benefit from Brevan Howard’s institutional infrastructure.
Penso is run by derivatives specialist Ari Bergmann.
In recent years, private-equity firms have gotten into the business of buying stakes in hedge funds either directly or through funds they have raised to do so, as banks have stepped back from the sector.
Source: Wall Street Journal

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