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Saxon Woods and Alpine Management to Merge

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PURCHASE, N.Y. (–A father and a son will unite their respective investment firms to form Alpine Woods Investments, a firm that will manage more than US$91 million in hedge funds and about US$1 billion overall.

The merging firms are Saxon Woods Advisors, founded by Stephen A. Lieber, chairman, and Alpine Management and Research, New York, which was founded by Mr. Lieber’s son, Samuel A. Lieber. The elder Mr. Lieber also founded Lieber & Co., which launched the Evergreen mutual funds in the early 1970s, which was sold to First Union Corp. in 1994. He founded Saxon Woods in 1999, while the younger Mr. Lieber founded Alpine Woods in 1998.

There are no plans to make any major changes to the management of Saxon Wood’s two hedge funds, its Growth Values LP and its Growth Values Financial Equities LP, said Mr. Lieber, the elder. The Growth Values fund has US$80 million in assets and the Financial Equities fund has US$11 million and is still in the incubation stage, he said.

The Growth Values fund is managed with the goal of identifying undervalued growth companies for purchase and the selling short of companies using the same methodology. The Financial Equities fund is run with a similar approach but also under the assumption that the long-term consolidation of the banking and related industries will create special long and short opportunities, he said. Peter Kovalski, managing director of financial equities, manages that fund.

The two firms did have previous ties through sub-advisory relationships, but the new holding company will cement those ties. In addition to hedge funds, the firm manages mutual funds and separate accounts for high-net-worth individuals and institutions. Additional mutual funds are planned, he said.

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