State Street Corp (STT) is planning to divest its hedge fund investing business, SSARIS Advisors, to the unit’s senior management.
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SSARIS Advisors and State Street Global Advisors have decided to end their affiliate relationship, according to a client letter co-signed by SSARIS CEO Paul Lucek.
Alicia Curran, a spokeswoman at State Street, said: "This decision reflects a mutual agreement that operating independently is the best course of action for both organizations and their clients."
The sale is expected to be completed within 90 days. The financial terms of the transaction were not disclosed.
Additionally, State Street Global plans to acquire SSARIS’s co-management of two State Street Global-branded hedge fund strategies.
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By GlobalDataSSARIS, which has $1.4bn in assets, manages a number of different absolute-return strategies, as well as funds-of-funds.
