Credit Agricole Structured Asset Management acquired 100% of Ursa Capital, the holding company for two U.S. hedge fund managers, Starview Capital and Lyra Capital, which manage a combined $1.7 billion. The acquisition is CASAM's first foray into the U.S. market, according to a statement from the company.
Marie-Pascal Bonhamme, a CASAM spokeswoman, did not return a call seeking information on the terms of the deal. However, a source with knowledge of the deal, who requested anonymity, confirmed the initial purchase price was about $57 million but could reach as much as $80 million depending on performance of the Ursa subsidiaries over the next three years.
Ursa was renamed Credit Agricole Structured Asset Management Americas, and Ursa CEO and founder Garry Crowder was named CEO, according to the statement. Starview, which provides customized hedge fund-of-funds portfolios, was renamed Credit Agricole Structured Asset Management Advisers. As part of the deal, CASAM also acquired Alternative Investment Research and Technologies, a wholly owned subsidiary of Starview that holds an exclusive license with the University of Massachusetts to maintain and distribute the CISDM Hedge Funds/CTA database and the CISDM Hedge Fund/CTA indexes. Lyra Capital, which manages separate accounts used in creating investible hedge fund indexes, will retain its name.