Aspect Capital Buys Hedge-Fund Firm Auriel for Currency Tradingby
Aspect Capital, a computer-driven hedge-fund firm in London, has bought Auriel Capital Management as it seeks to develop a currency-trading business and a global macro-economic strategy.
The acquisition will boost assets under management by $1.4 billion to $6.6 billion and Asif Noor and Anoosh Lachin, two of Auriel’s founding partners, will join the firm, Aspect said in a statement on Wednesday. The company declined to disclose the terms of the deal.
Aspect’s strategy of following medium-term trends at its flagship Diversified Fund will remain the firm’s “core focus,” Chief Executive Officer Anthony Todd said in the statement. “We are always interested in opportunities to bring in exceptional managers and high-caliber strategies,” he said.
London-based Noor and Lachin will continue to trade an existing currency fund and will start a fund based on macro-economic themes for Aspect, according to a spokeswoman for the company.
Todd founded Aspect in 1997 with Martin Lueck, Michael Adam and Eugene Lambert. Computer-driven hedge funds have had a better start to 2016 than other strategies, with Lyxor Asset Management’s CTA Broad Index rising 4.3 percent this year through March 1, compared to a 1.9 percent loss by its main hedge fund index.
The Wall Street Journal reported the deal earlier Wednesday.