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George Main (left), chief executive officer, and Warren Wright, chief information officer, for Diversified Global Asset Management Corp.
George Main (left), chief executive officer, and Warren Wright, chief information officer, for Diversified Global Asset Management Corp.
(Handout/DGAM)

Carlyle Group buys Toronto alternative asset manager

U.S. private equity behemoth Carlyle Group LP is buying a Toronto-based asset manager that specializes in picking hedge funds for huge institutional investors, yet another sign of Canada’s growing influence in the business of running alternative assets.

Carlyle said Tuesday that it has agreed to buy Diversified Global Asset Management Corp., an employee owned firm that oversees assets of $6.7-billion (U.S.), for about $103-million. About a third of that will be paid up front, with the rest spread out over subsequent years.