NEW YORK (HedgeWorld.com)–Hedge fund holding company and incubator Asset Alliance Corporation acquired an equity interest in New York-based Spencer Capital Management LLC, a fund manager headed by Kenneth Shubin Stein.
The size of the stake was not disclosed, but Asset Alliance typically acquires 50% of a manager’s equity. Spencer specializes in deep value investing, using various instruments that include stocks, options and credit derivatives.
Mr. Stein previously co-founded Compo Asset Management LLC, a partnership that later became part of Promethean Investment Group.
Bruce Lipnick, president and chief executive of Asset Alliance, said in a statement that Mr. Stein has a unique skill set and has clearly demonstrated his ability to execute his investment strategy.