Lehman Brothers has bought a 20 per cent stake in Spinnaker Capital, the $5bn London hedge fund, as the US investment bank continues to invest in the rapidly-growing sector. The cost of the Spinnaker purchase was undisclosed but rivals have paid 5 per cent to 15 per cent of assets under management, which would value the stake at $50m to $150m. Spinnaker specialises in emerging markets bonds, but is expanding its equity operations. Lehman has already bought stakes in London’s Marble Bar and Blue Bay, as well as Ospraie Management, a New York commodities specialist. It also holds a historic stake in London’s GLG Partners.
