The Wall Street Journal’s Peter Lattman this evening reportsthat hedge fund Fotress Investment Group (FIG) is looking to go legit, planning an acquisition of bond investment shop Logan Circle Partners as part of a move to get more involved in traditional investment management. Lattman cites anonymous “people familiar with the matter.”
An acquisition of privately held Logal Circle would add $12 billion of bond trading to FIG’s $32 billion under management, Lattman reports. The deal is one of many attempts by hedge funds to grow by acquisition given that getting new capital outright is harder than it once was.
FIG stock closed up 5 cents at $4.10 today.
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