Orix Buys into Hedge Fund Manager

. 19 (Bloomberg) -- Mariner Investment Group, a $12 billion hedge-fund manager, plans to sell a “significant” stake of the holding company to a unit of Japan’s Orix Corp. to help it expand its asset-management business.

The deal will have no impact on Mariner’s investment process and all after-tax proceeds from the sale will be reinvested by the partners in Mariner’s business and its funds, according to a letter the Harrison, New York-based firm sent to investors today.

“This is a unique opportunity to partner with a global financial institution whose experience and footprint, particularly in Asia, will boost our efforts to recruit additional investment talent to our growing investment business,” William Michaelcheck, founder and chief investment officer of Mariner, wrote in the letter.

The purchase was reported earlier today by Nikkei English News, which said Orix will buy the Mariner stake for about 15 billion yen ($184 million).

Mariner will keep its nine-member management committee and add two non-voting, observing members from Orix, said a person briefed on the plans who asked not to be named because the information is private.

http://www.businessweek.com/news/2010-10-19/hedge-fund-manager-mariner-to-sell-stake-to-japan-s-orix.html