Artemis Investment Management has bought a 50% stake in Pine Street Associates, Leon Cooperman's New York-based fund of funds business. The deal will see Artemis become an adviser and part general partner to Pine Street Associates and the launch of Pine Street Canada in Toronto. Pine Street Associates, which was started in 1994, has $140 million under management.
"We are pleased to partner with Artemis and build upon Pine Street's 16-year track record of investment success. Artemis' marketing expertise will be an important asset to capitalise on our opportunities for further growth," said Cooperman,