Lighthouse Investment Partners has agreed to acquire the assets of Mesirow Advanced Strategies (MAS), the multi-manager hedge fund arm of US-based Mesirow Financial.

Established in 1937, Mesirow Financial specialises in offering investment, risk management and advisory services. Its MAS unit oversees around $8bn for global institutional investors.

The terms of the transaction were not revealed by the companies. A “significant portion” of the MAS will migrate to Lighthouse upon completion of the deal, which is expected in the middle of this year.

Commenting on the takeover, Lighthouse president and co-CIO Sean McGould said: “We have known MAS and their principals for a number of years, and have shared a mutual respect. We are excited to welcome a group of talented professionals and highly valued clients to the organisation.”

Post deal completion, Mesirow Financial will become a distribution partner of Lighthouse.

Mesirow Financial chairman and CEO Richard Price added: “Mesirow Financial looks forward to not only serving as a distribution partner for Lighthouse following the completion of the transaction, but to partnering together to create products within the broader Mesirow and Lighthouse structures.”