NEW YORK (HedgeWorld.com)–Bear Stearns Asset Management has purchased the risk analytics software provider Measurisk, New York, for an undisclosed sum.
The deal allows Bear Stearns to provide its clients with risk analytics and measurement, to use the software for its own portfolio management and to enter a new business working with prime brokerage firms, custodians and administrators in providing risk tools in the hedge fund industry.
Also participating in the transaction was Miller Taback + Co. LLC, a New York-based institutional trading firm that had an existing stake in Measurisk. Miller Taback will remain a minority partner in the new entity that has been renamed Bear Measurisk.
Greg Quental is president and CEO of the new company and was hired at the end of December from a private equity firm, Ark Advisors, New York, to help lay the foundation for the Measurisk deal. He believes that Bear Stearn’s can use the technology to manage and communicate risk to investors in the firm’s traditional asset management, fund of funds and hedge fund businesses.
“One of the great strengths of this product is that it gives you a consistent way of looking at risk across traditional and hedge fund portfolios,” Mr. Quental said.