50 South Capital Advisors, a subsidiary of Northern Trust, has agreed to acquire Aurora Investment Management, a hedge fund solutions provider and subsidiary of Natixis Global Asset Management, for an undisclosed amount.
The acquisition will provide customers of both companies access to an expanded global alternative investment platform to deliver comprehensive hedge fund, private equity and real asset solutions.
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Subject to customary closing conditions, the acquisition is expected to close in the third quarter of 2016. Financial terms of the transaction were not disclosed.
Northern Trust in a statement said that the deal is expected to bring 50 South Capital’s total global alternatives platform to nearly $9bn.
As part of the acquisition, senior Aurora investment professionals will join the 50 South Capital team to drive an expanded alternatives investment program.
Additionally, Aurora founder and CEO Roxanne Martino, president Scott Schweighauser and managing director of operations Anne Marie Morley will serve as senior advisors to ensure a smooth transition of the business.
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By GlobalDataThis deal will significantly expand 50 South Capital’s alternative investment capabilities as well as bring new capabilities in emerging manager, co-investment and liquid alternatives strategies.
Northern Trust chairman and CEO Frederick Waddell said: "This strategic acquisition supports our objective as a trusted asset manager to provide solutions that are suited to client investment objectives and risk tolerances.
"We are pleased to take this step and significantly grow our alternative investment capabilities to help investors meet the challenges of high volatility and persistent low yields in financial markets."
Aurora CEO Roxanne Martino said: "We believe this combination will create highly complementary investment capabilities, offering a wider range of options to our clients and a strong platform for growth."
Aurora has nearly three decades of expertise in co-investing with investment managers and a strong base of HNW and institutional investors that includes corporate and public pension funds, foundations and endowments, insurance companies and healthcare organizations.
