Lehman ( LEH) is expanding further into hedge funds. The brokerage firm has purchased a 20% stake in Spinnaker Capital, a $5 billion-asset hedge fund in London, according to the Financial Times. Lehman did not disclose how much it paid for the stake but told Reuters that it plans to raise its stake in Spinnaker to 25% by the end of the year. The move is yet another example of investment banks broadening their product lineup by offering alternative investments. Morgan Stanley ( MS) has also recently purchased several stakes in several U.K. hedge funds. Lehman also has stakes in several other London-based firms including: hedge fund GLG Partners, fixed-income manager Bluebay Asset Management and Marble Bar Asset Management. In addition, it also has an interest in New York commodities manager, Ospraie Management. A Lehman spokesman was not immediately available for comment on Wednesday. Shares fell 23 cents, to $80.71.