Nomura to buy 15% stake in US hedge fund

12/19/06 - newratings.com

LONDON, December 19 (newratings.com) – Japanese securities firm Nomura Holdings Inc (NSE) Tuesday announced that it is purchasing a 15% stake in US hedge fund and private equity manager Fortress Investment Group LLC for around $888 million.

New York-based Fortress Investment said the stake sale to Nomura Holdings will enable it to sell hedge funds and its other products in Asia. The transaction, subject to customary approvals, is expected to be completed in January 2007. Fortress Investment had recently announced plans to raise $750 million through an initial public offering.