Lehman buys 20% stake in DE Shaw

Lehman Brothers has purchased a 20% stake in DE Shaw, a $29 billion New York-based hedge fund. The deal, which closed on March 12, involves an upfront payment and future performance-based payments.

"We're very pleased to be associated with Lehman Brothers," says David Shaw, founder of the 19-year-old private investment vehicle. "Lehman has demonstrated a strong commitment to investment management, and will be a valuable resource to us as we continue our efforts to innovate within both the abs