Momentum denies buy-out rumours

Last month London-based Momentum Asset Management was denying rumours it had been sold to Italian bank Unicredito, although a spokesman at the group confirmed that it was in ongoing sale negotiations.

Momentum, with $US1.5bn in assets under management runs the All-Weather fund of funds, run by a committee of which Michael Goldman is a member.

The group is considering a sale due to economies of scale as management believes the group needs to grow considerably to keep up with the ever increasing amo