Grosvenor Capital Management and its affiliates, one of the world’s largest discretionary allocators to hedge funds, have successfully completed the previously announced acquisition of the Customized Fund Investment Group (CFIG) from Credit Suisse Group AG.
The combined business, with more than US$44 billion in assets under management and over 375 professionals, will be one of the largest of its kind in the world.
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Michael Sacks, CEO of Grosvenor, said: "We are very pleased to complete our acquisition of CFIG. We are confident that the transaction fundamentally strengthens our platform and makes us a more valuable partner for our clients. Together, we will offer clients the ability to access the entire alternative investments landscape. And importantly, our core values are aligned with CFIG’s. Both groups focus on investment performance, customized solutions that meet the unique needs of a global investor base, and comprehensive, transparent client service."
Kelly Williams, formerly managing director and group head of CFIG, said: "The CFIG team is thrilled to join Grosvenor, with its industry-leading investment capabilities, experienced management team and strong commitment to clients. Our clients will have access to a broad range of alternative investment products and solutions, supported by Grosvenor’s best-in-class operational infrastructure. We are excited about becoming part of the Grosvenor culture, which is team-oriented and always puts the needs of clients first."
GCM CFIG will be a subsidiary of Grosvenor and will operate as Grosvenor’s private markets business alongside Grosvenor’s existing public markets hedge fund business. The entire GCM CFIG management team will join Grosvenor and the business will maintain its primary office in New York.
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