Daniel Zwirn, founder of the troubled D.B. Zwirn & Co., may cede control of a substantial portion of his firm’s $2.5 billion in assets, according to the Wall Street Journal.
Four firms are reportedly vying to take over a substantial portion of the firm’s remaining assets in a deal that could close next week, the Journal reported. Bidders vying to manage those assets include Fortress Investment Group, Blackstone Group’s GSO Capital Partners, and a consortium that includes International Investment & Underwriting, an Irish private equity firm, and several Asian investors. Nine firms reportedly submitted first-round bids.