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Tuesday, Oct 3, 2023

B. Riley to Manage Hedge Funds

B. Riley Financial Inc. will take over the management of Dialectic Capital Management hedge funds, the Woodland Hills finance company announced Monday. Founded in 2003 by John Fichthorn, Dialectic Capital currently manages several funds that invest in equities in all industrial sectors and market capitalizations. B. Riley has named Fichthorn as head of its alternative investments division, where he will continue to supervise the funds. “This acquisition is consistent with our strategy of expanding our capital management business, which now has nearly $1 billion in assets under management,” Bryant Riley, chief executive of B. Riley Financial, said in a statement.. “We look forward to leveraging John’s experiences to scale our asset management business even further.” Dialectic funds currently own shares of B. Riley. The fund’s investors have appointed a portfolio manager for the trading and voting of the B. Riley shares. The manager will not have access to non-public information about B. Riley. Shares of B. Riley (RILY) closed Monday up 15 cents, or 1 percent, to $14.90 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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