Super bear David Tice sells out
David Tice of the Prudent Bear has sold out to Federated Investors. I caught this via Paul Kedrosky’s site Infectious Greed.
Federated Investors Inc., the Pittsburgh-based investment management firm, said Tuesday it has reached a definitive agreement to acquire certain assets of David W. Tice & Associates LLC, of Dallas, that relate to management of the $1.2 billion Prudent Bear Fund and the $507 million Prudent Global Income Fund.
The purchase price includes an initial $43 million payment and future contingent payments of up to $99.5 million over the next four years. The deal is expected to close in the fourth quarter of 2008.
Federated President and CEO J. Christopher Donahue said the Prudent Bear funds will complement Federated’s existing investment products. David W. Tice will join Federated as a chief portfolio strategist.
Federated managed $338.5 billion in assets as of March 31, 2008. It provides investment management to more than 5,400 institutions and intermediaries, including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.
According to Infectious Greed, famous Bear Doug Kass thinks this is a buy signal. Is Tice getting while the getting is good or do we have a longer way to go?
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