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Rating:Wanna Buy A Fund Firm? Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, March 14, 2001

Wanna Buy A Fund Firm?

Reported by Alfred Wang

Undiscovered Managers expects to wrap up negotiations for the partial sale of the firm within a month, subject to shareholder approval.

According to Mark Hurley, president and chief executive officer of the boutique fund firm, five parties are currently in talks for a 36 percent share that is owned by AMRESCO. Hurley declined to specify the five names.

The decision to liquidate its share was made after the Dallas, Texas-based business lending firm found itself in financial difficulties, he said. AMRESCO executives declined to comment.

Hurley compared the sale to a round of venture capital in the due diligence phase.

"The negotiation is with the employees, since the buyer wants to make sure that the people stay," explained Hurley.

When asked if the sale meant that he was backing out of an unprofitable fund firm, Hurley characterized the implication of an outright sale as "baloney." 

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