Asset Alliance International bought an equity stake in Wessex Asset Management, which manages Asia-Pacific (ex-Japan) absolute-return strategies. Terms of the transaction were not disclosed.
Asset Alliance now has interests in nine alternative investment managers with total assets under management of $1.6 billion, the firm said in a statement.
Also, Simon Fentham-Fletcher was appointed CFO for Asset Alliance International, a new position. He was head of fund administration in London for Skandia Asset Management but left last September when fund administration was moved to Skandias Stockholm head office, said a Skandia spokeswoman.