Carlyle Group LP said on Tuesday it would acquire Diversified Global Asset Management Corporation (DGAM), becoming the latest alternative asset manager to add a manager of funds that in turn invest in other hedge funds to its investment platform. DGAM has more than $6.7 billion in managed and advised assets and will become part of Carlyle's solutions platform, which includes funds of private equity funds and had $48.4 billion in assets under management as of the end of September.The deal follows peer KKR & Co LP's acquisition last year of Prisma Capital Partners LP, which added $8.1 billion of such assets to its platform. Both deals may be some way off from posing major competition to Blackstone Group LP, whose fund-of-hedge-funds unit BAAM had $53.2 billion in assets under management as of the end of September."With the DGAM partnership, Carlyle's solutions platform is now positioned to offer investors the ability to allocate across alternatives in hedge funds, private equity and real estate," said co-CEO David Rubenstein, who founded Carlyle in 1987 with William Conway and Daniel D'Aniello.Carlyle's acquisition of DGAM follows the recruitment of Morgan Stanley's fund-of-hedge-funds chief Jacques Chappuis as head of its solutions business earlier this year, with a mandate to grow both organically and through acquisitions.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.96% or $0.27/share to $28.31. In the past year, the shares have traded as low as $14.32 and as high as $28.73. On average, 4691230 shares of BX exchange hands on a given day and today's volume is recorded at 973566.
Shares of CG fell by 0.21% or $-0.07/share to $32.76. In the past year, the shares have traded as low as $23.85 and as high as $37.89. On average, 466130 shares of CG exchange hands on a given day and today's volume is recorded at 100717.
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