LoCorr Funds has reached an agreement to acquire alternative asset manager Steben & Company for an undisclosed amount.
Steben & Company, which is headquartered in Gaithersburg, Maryland, specialises in multi-manager alternative investment products.
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Its offerings include fund of hedge funds and managed futures strategies. The company distributes its offerings through over 120 platforms.
Commenting on Steben & Company acquisition, LoCorr Funds CEO Kevin Kinzie said: “The acquisition of Steben & Company was a natural fit and will increase our ability to offer a growing suite of solutions to our partners, with the ultimate goal of diversifying portfolios.”
Steben & Company CEO Ken Steben said: “We are very pleased to have Steben & Company acquired by LoCorr.
“We not only share the same philosophy as LoCorr, but we are very impressed with LoCorr’s experience and expertise for over 15 years on low-correlating strategies and believe they are well-positioned for continued success in this increasingly dynamic environment.”
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By GlobalDataIn addition to acquisition, Excelsior, Minnesota headquartered LoCorr Funds has also expanded its distribution team. It hired four regional vice presidents in Texas, Florida, and the MidAtlantic regions in the last nine months.
As part of it expansion strategy, it also added numerous new internal wholesalers to sales desk.
