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Petershill Fund acquires minority stake in Lee Robinson's Altana Wealth
Feb 02, 2012 by Martin Leonard
The Petershill Fund, the private investment fund managed by Goldman Sachs Asset Management (GSAM), is purchasing a minority stake in Altana Wealth, the newly launched fund management group established by Lee Robinson, the founder of Trafalgar Asset Managers.
A source close to Altana said the Petershill stake was less than 20% and it was a passive investment without investment management rights or board representation. In summer 2011, there was speculation that GSAM was furious with Robinson for marketing the new business in Monaco as the investment bank had a sizeable stake in Trafalgar.
“There was a lot of rumour in the press about a dispute between Robinson and GSAM. However, there was no evidence to back it up and no animosity between GSAM and Robinson. After all, would GSAM buy a stake in Altana if it still harboured a grudge?” said the source.
“I have maintained a close relationship with Petershill over the past several years as they held a stake in my previous business and I have continued contact with them as I developed my new business. It is with great pleasure both for our team and our clients to be associated with Petershill once again,” said Robinson in a statement.
The source added Altana would not seek further equity stakes in the business.
Altana currently runs two funds open to external investors – the Altana Sovereign Diversity Fund and the Altana Inflation Trends Fund. A third fund, the Altana Distressed Assets Fund, will be open to external investors shortly and will be managed by Robinson himself. “Robinson has a fantastic track record at Trafalgar and he is looking forward to building up this business,” said the source.
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