Mariner Investment Group, the $10.2 billion hedge fund founded by William Michaelcheck, said it agreed to take over the business operations of Concordia Advisors. Terms weren’t disclosed.
Basil Williams, Concordia’s chief executive officer, will become Mariner’s deputy chief investment officer and will serve on the firm’s investment committee and management committee, New York-based Mariner said in a statement today. Williams will work closely with Michaelcheck, who is CIO of Mariner.
Concordia, which was founded two decades ago and has $1 billion in assets, seeks to profit from prices differences between interest rates, credit, and equities. The firm’s portfolio managers Arun Puri and John Eckert, who trade interest rates in the Group of 10 nations; James Wise and Chris Dillon, who trade municipal debt; and equity trader Jason Cheung will continue to manage their funds under the Mariner brand, the company said.
Mariner was started in 1992 and has 180 people working in offices from New York to Seoul. Concordia has 18 people focusing on investments.