Investcorp acquired the hedge funds-of-funds business of SSARIS Advisors, effective Monday.
Terms of the deal were not disclosed. SSARIS’ hedge fund investment business was not part of the acquisition.
The acquisition of SSARIS added $800 million of discretionary and advisory assets and a four-member funds-of-funds investment team to Investcorp’s own $1.7 billion hedge funds-of-funds unit, said Lionel Erdely, chief investment officer and head of hedge funds for Investcorp.
Andrew Fisch, chief investment officer of hedge funds of funds at SSARIS, will join Investcorp’s investment department. His title will change to senior portfolio manager of the SSARIS hedge funds-of-funds strategies.
Accompanying Mr. Fisch from SSARIS are portfolio managers David Ahn and Jerett Yelton and hedge fund analyst Michael Malvarosa, who will retain the same titles and roles at Investcorp.
Mr. Erdely said the new team is complementary to Investcorp’s existing hedge funds-of-funds business where most of the assets are managed in customized multimanager portfolios, an area where the SSARIS team has considerable experience because of the firm’s consulting and discretionary management approaches.
Investcorp officials declined to break down how much of the $800 million coming from SSARIS is managed on a discretionary basis vs. advisory only.
Most of SSARIS’ hedge funds-of-funds assets are moving to Investcorp, said Alyssa LaCorte, an Investcorp spokeswoman, in an e-mail. She declined to say how many SSARIS investors have agreed to move their portfolios to Investcorp. As of Jan. 31, SSARIS reported net assets under discretionary management of $875 million and $764 million in non-discretionary consulting assets on its most recent ADV form filed with the Securities and Exchange Commission.
Paul R. Lucek, director, CEO and chief investment officer of hedge funds at SSARIS, did not return a call seeking information about how much the firm manages in single and multistrategy hedge funds and future plans.
