Mergers & Acquisitions / Joint Ventures

RAB absorbs Park Place to bolster European long/short equity business


RAB Capital has taken on the entire staff of European long/short equity boutique Park Place Capital, as well as the firm’s flagship hedge fund. The move, which did not involve a formal acquisition, provides the $1 billion London firm with a new team for its existing European long/short equity fund, as well as a presence in New York.

“It’s not a corporate acquisition, it’s a lift-out,” said Steve Solmonson, who was president of Park Place and will continue in a business development role, primarily from the New York satellite office that belonged to his boutique. He will work to