Morgan Creek Capital Management will acquire fixed-income manager Signet Capital Management's $700 million alternative funds-of-funds business.
Terms were not disclosed, said Domonkos Koltai, partner at PL Advisors, which assisted Signet in the deal. The acquisition is expected to close in the second quarter.
The acquisition does not include the wealth management business of Signet. The firm has more than $1 billion in total assets under management.
Both Robert Marquardt, Signet founder, chairman and co-head of investment management, and Serge Umansky, CEO and co-head, will join Morgan Creek but retain their positions at Signet and will continue to work with clients of the Signet business being acquired by Morgan Creek, according to a Morgan Creek news release.
“This agreement represents a major achievement in our overall strategy to expand our global footprint and bring on talented investment professionals to help address the increasingly complex global investment environment,” Mark W. Yusko, CEO and chief investment officer of Morgan Creek, said in the news release.
Morgan Creek, which has $7 billion in AUM, did not use an external adviser on the deal.