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Friday, Aug 30
Blackstone among firms aiming to buy Munder
- Blackstone (BX) is among a number of P-E players bidding for Munder Capital Management in a deal that could be valued for as much as $400M, reports Reuters.
- Munder - which made its name in the dotcom boom (and lost it in the bust) - has been owned by Crestview Partners since 2006 and the P-E firm has hired Goldman to lead the sale. Munder currently has eight mutual funds with $7.2B in AUM (pre-collapse, Munder's NetNet fund had $11.5B in assets).
- Blackstone has teamed with investment management firm Advent International to bid as a first step towards creating a multi-boutique firm along the lines of Affiliated Managers or Legg Mason, say sources.