Bahrain-based Investcorp has announced the acquisition of the Hedge Fund of Funds business unit of SSARIS Advisors, a hedge fund manager headquartered in Connecticut.
Four key members of SSARIS’ investment team are joining Investcorp this week in New York as a result of the deal while the investment management of absolute return hedge fund strategies will remain with SSARIS, a statement said.
The acquisition follows last week’s announcement which outlined Investcorp’s new strategy for the medium-term.
Mohammed Al Ardhi, executive chairman of Investcorp, told investors and shareholders that Investcorp will continue to expand and innovate its product set to enable investors to access new alternative investment opportunities.
Commenting on this acquisition, Al Ardhi said: “This transaction is an exciting development for Investcorp and is part of our drive to expand product lines and grow assets under management, as outlined in our recently announced new strategy for the firm.”
He added: “We are confident that the team joining from SSARIS will contribute to our ability to bring innovate alternative investment products to clients in the Gulf as well as the West.”
Investcorp said the business unit holds approximately $800 million in discretionary and advisory assets, adding that the acquisition will help grow its existing hedge funds platform.
As of June 30, Investcorp’s hedge funds business has about $4.1 billion in assets under management, it added.
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