Gottex Fund Management Holdings has sold its multiasset investment business, Frontier Investment Management, back to its founder.
Gottex said in a statement on its website Wednesday that the business was sold back to founder Michael Azlen, in a move that is consistent with Gottex’s decision to focus its efforts on its core business of alternative investments.
A spokeswoman for Gottex said in an e-mail that there will be a transition period until Frontier completes the process of implementing the regulatory and operational changes necessary to regain their status as an independent money manager. Gottex will continue to support the Frontier team during and after that process, she said.
Terms of the deal were not disclosed.
Frontier Investment Management will continue to manage its strategies, which offer multiasset investments to U.K. and non-U.K. investors. Mr. Azlen, who founded the firm in 2004, leads the team. Frontier Investment Management was acquired by Gottex in 2013.
The two firms will maintain a “privileged relationship … with a high degree of collaboration in different areas of our business,” the statement said.
As part of the deal, Mr. Azlen will step down from Gottex’s executive committee.
“The Frontier team is excited about our future plans for growth,” Mr. Azlen said in the statement. “I want to thank the Gottex board and senior management for the opportunity to buy back Frontier, and we look forward to working closely with Gottex on a range of initiatives to benefit both companies in the future.”
In the e-mail, the spokeswoman said Mr. Azlen, who is also CEO of Frontier, confirmed that assets under management are about $170 million.