Consultant Gray & Co. acquires hedge fund firm Tiburon

Investment consulting firm Gray & Co. acquired hedge fund manager Tiburon Capital Management.

The acquisition, at the end of October, is part of Gray & Co.'s further expansion into discretionary investment management, said Yolanda D. Waggoner-Foreman, principal, director of manager research and chief of administration.

Terms aren't being disclosed, Ms. Waggoner-Foreman said.

Including the $54 million managed by Tiburon Capital Management in its event-driven hedge fund strategy, Gray & Co. manages about $500 million in discretionary assets, mostly in the firm's 11-year-old manager-of-managers strategy.

Tiburon Capital now operates as a subsidiary of Gray & Co. from its New York office.

Peter M. Lupoff, Tiburon's president and CEO, was named chief investment officer of Gray & Co.'s alternative investment unit. The position is new and in it, Mr. Lupoff will concentrate on expanding the firm's alternative investment offerings beyond the solo Core Alternative Fund I, a multiasset-class strategy with $26 million under management, Ms. Waggoner-Foreman said.

Expected additions to Gray & Co.'s investment lineup include private equity, hedge fund and venture capital strategies, Ms. Waggoner-Foreman said.

Gray & Co. provides consulting advice to institutional clients with an aggregate $10 billion of assets.