Hedge Funds

Merrill Lynch takes minority stake in DiMaio Ahmad

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Merrill Lynch announced this week that it has agreed to take a minority stake in DiMaio Ahmad Capital in a move that would bolster Merrill's hedge fund and alternative investment offerings.

The deal would give Merrill's hedge fund development and management group express access to invest in DiMaio hedge funds. DiMaio, of New York, will remain independent after the deal is finalized. Terms of the deal were not disclosed.

DiMaio Ahmad, which manages $2 billion in hedge fund assets, operates a credit fund and also invests in collateralized debt and loan obligations. The firm, founded by Jack DiMaio and