Investcorp Buys Hedge Fund of Funds Unit From SSARIS Advisorsby
Investcorp Bank BSC, a Bahrain-based company managing about $10.6 billion in alternative assets, acquired the hedge fund of funds business of U.S.-based SSARIS Advisors LLC to help boost its product range.
The business will add about $800 million in discretionary and advisory assets, and clients across the U.S., Europe and Asia, to Investcorp’s hedge funds platform, it said Monday in an e-mailed statement. Four key members of the SSARIS’ hedge fund of funds investment team will join Investcorp this week in New York, according to the statement.
Investcorp, which invests in private equity, funds of hedge funds and real estate, will seek to help investors access new alternative investment opportunities and enhance their ability for a diversity of investments across multiple markets, the statement cited Executive Chairman Mohammed Al Ardhi as saying at a conference last week. The transaction is "part of our drive to expand product lines and grow assets under management," he said.
Investcorp’s hedge funds business has about $4.1 billion in assets under management, including assets managed by third party managers as of June 30, according to the statement. Last month, its U.S.-based real estate unit acquired eight residential properties in metropolitan areas of Las Vegas, Denver, Chicago, Atlanta, Dallas for about $400 million.
Wilton, Connecticut-based SSARIS will keep its investment management of absolute return hedge fund strategies, according to today’s statement.