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PRINT THIS PAGE Duff Capital Advisors acquires North Sound Capital03/07/2008. Source: AltAssets.
Institutional investment management firm Duff Capital Advisors has acquired hedge fund North Sound Capital. As part of the deal, DCA will direct a significant, long-term investment to the North Sound strategy. Terms of the agreement were not disclosed. North Sound, a global long/short equity manager with approximately $1bn under management, was founded by Tom McAuley in 2001. McAuley will continue to be the portfolio manager of DCA-North Sound and will serve on the Duff Capital Advisors investment committee.
Phil Duff, CEO and founder of DCA, said, 'We could not have found a better manager or team to mark the build out of our investment management platform. I have known Tom for over ten years and he is one of the best in the business. We are delighted that he and his talented team are joining us.'
McAuley added, 'We are thrilled about this partnership and the benefits it provides to our employees and investors. We strongly believe that alignment with a diverse asset management organisation will be of a great benefit to our investors.'
North Sound manages global long-short equity strategies across various industry sectors. McAuley's experience prior to forming North Sound included serving as a managing director at Tiger Management.
DCA provides solutions to pension funds, insurance companies, foundations, endowments and sovereign funds. The firm was launched in March 2008 with up to $500m of equity capital support from New York-based private equity firm Lindsay Goldberg.
Copyright © 2008 AltAssets
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