Martin Currie, an Edinburgh-based equity specialist and part of US-based Legg Mason, has agreed to purchase Cayman domiciled long-short hedge fund RIT PK Japan Fund, which has $167m in assets and is led by Paul Kirkby.
Financial terms of the deal, which is subject to regulatory approval, have not been disclosed.
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Following the receipt of regulatory approvals, Kirkby will lead and manage the Martin Currie Japan long/short investment proposition alongside PK Investment co-manager Paul Smith and Martin Currie manager, Claire Marwick.
The team will boost Martin Currie’s Japan equity long-short fund to $425m in assets.
The firm said that an actively managed long/short approach will benefit investors from the breadth of the market due to the cyclical opportunities and inefficiencies of the Japanese market.
Martin Currie CEO Willie Watt said: "By combining the proven expertise of Paul Kirkby and his team along with Martin Currie we believe that we bring a product solution to clients that can help them navigate the cyclical nature of Japanese equities and capture the return opportunities available."
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By GlobalData"We are excited to be joining Martin Currie given our compatibility in terms of investment culture and shared values," Kirkby said.
