State Street Global Advisors will sell its majority ownership stake in hedge fund-of-funds manager SSARIS Advisors back to the firm's senior management team, said SSgA spokeswoman Alicia Curran Sweeney.
The transaction is expected to close in mid-January. Financial terms of the deal were not disclosed.
“This decision reflects a mutual agreement that operating independently is the best course of action for both organizations and their clients,” said a statement issued by SSgA. “We will transition SSARIS' investment responsibilities for two SSgA-branded strategies co-managed by SSARIS to our investment solutions group.”
Robert P. Covino Jr., president of SSARIS Advisors, said in an e-mail that SSgA originally purchased its majority stake in SSARIS in summer 2001. Prior to that, the firm had operated as an independent manager since 1983.
SSARIS Advisors provides both absolute-return hedge fund strategies and hedge fund-of-funds strategies. SSARIS' assets under management couldn't be immediately learned.
SSgA had $2.421 trillion in assets under management as of Sept. 30.
