Swiss money manager GAM Holding is reportedly in advanced talks to buy Singleterry Mansley Asset Management, a New Jersey-based hedge fund firm.
Singleterry currently manages the Beachwood Total Return Fund, which has posted strong performance from the past five years.
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As part of the deal, GAM will run the Beachwood fund, which includes credit and other fixed-income investments together with Singleterry Mansley, reports The Wall Street Journal.
The deal is expected to close as early as this week.
The Beachwood fund has an annual management fee of 1.5% and a 20% cut of performance.
GAM will allow wealthy investors to spread more than $5 billion of investments across external hedge funds through so-called funds of funds.
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