Nelson Peltz, the aggressive buyer of companies in the 1980s associated with Michael Milken, the disgraced arranger of junk bonds, has moved into hedge funds.

Triarc, a US holding company of which Peltz is the chairman and chief executive, has spent $87m (€72m) buying a 64% stake in Deerfield, a Chicago asset manager. Deerfield, advised by Putnam Lovell NBF Securities, manages almost $8bn in long-only, fixed income funds and $650m in fixed income hedge funds.