Westchester Capital Management Inc.
], investment adviser to the $3.6 billion Merger Fund
, has inked a deal to shift substantially all of its business and assets to a newly formed firm called Westchester Capital Management LLC
. The new firm will be controlled by by two of Westchester Capital Management Inc.'s portfolio managers, Roy Behren
and Michael Shannon
. The deal is expected to close this year or early next year. [SEC filing
An affiliate of Lincoln Peak Capital Management
will be a minority investor.
Westchester Capital Management Inc., based out of Valhalla, New York, was founded in 1989 by Goldman Sachs
alum Frederick Green
. The same year, the company launched the Merger Fund
, the first mutual fund devoted solely to merger arbitrage.
A representative for Westchester Capital Management Inc. was not immediately available for comment on the transaction.
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