Nov 09 2015
DUBAI, Nov 9 (Reuters) – Bahrain’s
Investcorp Bank
on Monday said it has bought the Hedge Fund of Funds business
unit of the United States’ SSARIS Advisors for an undisclosed
amount.
The acquisition seems part of the Bahraini firm’s aim to
more than double its assets under management within seven years.
The unit has about $800 million in advisory and
discretionary assets,
Investcorp
said in a statement. Four
senior employees from the unit will join Investcorp’s New York
office.
SSARIS Advisors is an investment manager of absolute return
hedge fund and commodity strategies, according to its website.
“This transaction … is part of our drive to expand product
lines and grow assets under management,”
Investcorp
executive
chairman Mohammed al-Ardhi said in the statement.
“This acquisition will create value for our investors and
shareholders and enhance our ability to generate returns.”
As of June 30,
Investcorp
had $10.6 billion in total assets
under management, of which about $4.1 billion was under its
hedge fund business.
SSARIS Advisors could not be reached for comment outside of
regular business hours.
(Reporting by Matt Smith; Editing by Stephen Coates)
((matt.smith1@thomsonreuters.com; 00971506354039; Reuters
Messaging: matt.smith1.thomsonreuters.com@reuters.net))
Keywords: INVESTCORP BANK MA/
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