Reuters Italia – The UK asset management arm of investment bank Close Brothers said it has bought a majority stake in hedge fund company Fortune Group for an undisclosed sum, adding to similar dealsin the sector.<\/p>\n
Fortune, founded 10 years ago, oversees a total of about $800 million (460 million pounds), while Close Asset Management had funds of 7.7 billion pounds at the end of January this year, Close said in a statement on Monday.<\/p>\n
A spokesman for Close Brothers declined to say how much the firm had paid for Fortune or the exact size of the stake.<\/p>\n
The deal, which is subject to regulatory approval, adds to a number of acquisitions of hedge fund businesses by banks and other financial companies in recent months.<\/p>\n
“Alternative investments are a major growth area for us. Hedge funds are an important and fast-growing element within this area … it is no secret that Close is committed to building a high growth asset management platform,” Jonathan Sieff, chief executive of Close Asset Management, said in a statement.<\/p>\n