ING Alternative Asset Management hired SAIL Advisors to subadvise three hedge funds of funds totaling $800 million, confirmed Paul Gyra, executive vice president and head of ING Alternatives.
Mr. Gyra said SAIL Advisors will assume management of the ING Topaz, Onyx and Asia Pacific Multi-Strategies funds on July 1. The funds are used mostly by European and Asian institutional and high-net-worth investors, he said, noting that ING will remain an investor in the three funds.
As part of the deal, Harold Yoon, CIO and head of New York-based ING Alternatives' hedge funds-of-funds unit, will become CIO of SAIL Advisors. Mr. Gyra said it's likely that later this year the remaining staff in ING's hedge fund-of-funds unit will become SAIL employees.