Hedge Funds

Angelo, Gordon completes purchase of ForstmannLeff


The first big hedge fund merger of the year has been closed with the marriage of Angelo, Gordon and ForstmannLeff.

Angelo, Gordon's purchase, together with ForstmannLeff management, of ForstmannLeff for an estimated $60 million will add $3 billion of assets to the buyer's already sizable $10 billion capital base.

In an announcement made on May 1, ForstmannLeff named Dana Troxell, Angelo, Gordon's former director of strategy and corporate development, to the post of president and CEO. In the same announcement, ForstmannLeff, whose focus is on equity strategies, said it will remain independent and that its investment process will be