Investcorp, a Bahrain-based provider and manager of alternative investment products, has acquired the hedge fund of funds business of SSARIS Advisors, an investment manager of absolute return hedge fund strategies and hedge fund of funds strategies.
As part of the deal, four members of SSARIS’ hedge fund of funds investment team will join Investcorp in New York, while the investment management of absolute return hedge fund strategies will remain with SSARIS.
The purchase of SSARIS’ unit, which has nearly $800m in discretionary and advisory assets, will enable Investcorp to expand its existing hedge funds platform.
The transaction is part of Investcorp’s long term strategy to focus on its four areas of expertise including fund of funds, single managers, special opportunity portfolios and alternative beta solutions, and to seek superior returns for its clients.
Investcorp’s Hedge Funds business has about $4.1bn in AUM including assets managed by third party managers as of 30 June 2015. Its regulatory assets under management during the same period were $1.9bn.
Terms of the transaction were not disclosed.
Investcorp head and CIO of hedge funds Lionel Erdely said: "The hedge fund of funds products and team of SSARIS is the first acquisition for Investcorp’s Hedge Funds business and clearly affirms our commitment to the expansion of our business to meet investor demand for innovative and customized solutions."