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Rating:A $3.6 Billion Mutual Fund is Getting a New But Familiar Home Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, October 14, 2010

A $3.6 Billion Mutual Fund is Getting a New But Familiar Home

Reported by Armie Margaret Lee

Westchester Capital Management Inc. [see profile], 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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