Investment firm Fidante Partners has bought a minority stake in Latigo, a US-based fund manager focusing on event-driven investing.

Latigo was established in 2005 by David Ford and David Sabath. The firm specialises in distressed securities, special situations as well as long/short credit and equity investing.

The precise size of the stake or the financial terms of the deal were not disclosed.

Under the agreement, the Life unit of Fidante parent- Challenger- will invest in Latigo funds.

The deal will enable Latigo to leverage Fidante’s distribution and business development capabilities to gain access to long-term global institutional investors.

Commenting on the deal, Fidante global head Cathy Hales said: “We are excited by the opportunity to partner with a high-quality team and bring their active investment management skills to the attention of institutional investors in the UK and Europe, in addition to other key markets such as Australia and Japan.

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“We believe we have found in Latigo a very positive business culture fit with the Fidante team. We admire Latigo’s focus on delivering investment results to their clients and their passion for their investment craft.”

Latigo co-founder David Ford added: “This strategic partnership with Fidante and long-term investment from Challenger allow us to better focus on what we do best – identifying needle-in-a-haystack investment opportunities. Additionally, access to Fidante’s distribution and business development capabilities will help expand our reach to a global base of investors.”