SAN FRANCISCO (HedgeWorld.com)–The hedge fund division of Montgomery Asset Management LLC will not be included in the planned divestment of Montgomery by Commerzbank AG to Wells Fargo & Co., which was announced last week.
Commerzbank has been shopping the company around for some time; though in August it decided to not sell sister company Jupiter Asset Management, London. Executives said they didn’t get any offers that valued the company appropriately. Previous HedgeWorld Story
Commerzbank will try to sell Montgomery’s two primary hedge fund products to a different buyer, said Ed Dunn, a spokesman for Montgomery. They are the Global Long/Short Fund, a US$36 million mutual fund, and Montgomery Partners Absolute Return Fund, a US$23 million registered hedge fund of funds. Last month, Montgomery began the process of restyling the Global Long/Short fund into an enhanced equity index fund from a long/short equity fund, following poor performance Previous HedgeWorld Story. The Absolute Return fund was launched earlier this year with the goal attracting the less-well-off in the high-net-worth category Previous HedgeWorld Story.