|Copyright:||(c) 2010 SourceMedia Inc , Source: The Financial Times Limited|
|Source:||Financial Times Limited|
New York Life Investments has agreed to acquire a majority stake in
The endowment first put money to work into alternative investments in the early 1980s.
The deal is another example of consolidation in the hedge fund industry as the very largest firms continue to attract the bulk of new money.
Industry observers say pension funds and endowments feel more comfortable investing alongside their peers in firms backed by large financial institutions.
In the second quarter, nearly all of the
These firms now control about 60% of the total industry capital.