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BlueMountain Sells Stake to AMG
by Christopher Glynn ,Senior Reporter, December 12, 2007

BlueMountain Capital Management sold an undisclosed stake in itself to massive asset manager Affiliated Manager Group, according to a press release.

BlueMountain Capital will retain majority ownership. The hedge fund has $4.8 billion under management. Andrew Feldstein, a onetime credit portfolio manager for JPMorgan Chase, started BlueMountain Capital in 2003 with $2.4 billion.

The stake in New York-headquartered BlueMountain Capital is the second time this fall AMG has bought equity in an alternative asset manager.

Last month, AMG bought a piece of San Francisco-headquartered ValueAct Capital. In 2004, the massive asset manager bought a stake in quantitative specialist AQR Capital Management. AMG has $297 billion under management.

  
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