Vontobel Asset Management sold its $350 million hedge fund solutions unit to alternatives firm Progressive Capital Partners, Baar, Switzerland, in efforts to focus on core businesses, a spokeswoman said Friday.
Details of the transaction, which will boost Progressive Capital Partners' AUM to $830 million, were not disclosed, the spokeswoman said.
The hedge fund unit's team, headed by Ilario Scasascia, will become part of Progressive Capital effective Dec. 1, while maintaining existing mandates, 80% of which are institutional. Following the acquisition, Ms. Scasascia was named head of customized solutions at Progressive Capital.
"Progressive Capital has strategically positioned itself over the past years to service the needs of institutional investors," Progressive Capital CEO Thomas Kummer said Friday in a news release. "This transaction allows us to further expand our services to institutional clients."
Vontobel has 128 billion Swiss francs ($103 billion) in assets under management as of June 30.