(updated with correction)
Canada-based money manager Fiera Capital's U.S. subsidiary acquired the investment strategies and staff of hedge fund-of-funds and liquid alternatives manager Larch Lane Advisors, effective Sept. 1.
The Larch Lane strategies will add about $500 million in assets under management from institutional and high-net-worth clients to Fiera's U.S. division, said Benjamin S. Thompson, CEO and president. The division managed $17.7 billion as of June 30.
Terms were not disclosed. Mr. Thompson said Fiera was not acquiring the firm but that Larch Lane will cease operations and its investment strategies will be rebranded under the Fiera name.
Larch Lane's 12 employees in investments, fund accounting and risk oversight will join Fiera, including Mark Jurish, Larch Lane CEO and chief investment officer. Mr. Jurish's title at Fiera has not been determined.
The Larch Lane strategies are new to Fiera, Mr. Thompson said, with no overlap on Fiera's current offerings.