50 South Capital Advisors LLC, an investment advisory subsidiary of Northern Trust Corp. is going to acquire Aurora Investment Management. The latter part is a hedge fund manager in Chicago owned by the French behemoth Natixis Global Asset Management.

The deal will expand 50 South's alternative investment platform to include capability for the full range of alternative assets including hedge funds, private equity and real estate. The acquisition will allow offering clients of both firms access to an expanded global alternative investment platform and additional size and resources, reports FINAlternatives citing a press release as the source.

The two companies have been witnessed to maintain silence over the deal amount or further details. However, they expect to close the transaction by the end of September. Northern Trust Chairman and CEO Frederick Waddell have expressed satisfaction through a statement.

Aurora focuses on managing hedge fund strategies. It enjoys expertise in seeding and co-investing with investment managers. 50 South Capital's relationship with Northern Trust allows it to focus exclusively on alternative asset management. The focus is expected to leverage the global resources and network of one of the world's largest financial institutions. The combination will bring 50 South Capital's total global alternatives platform to approximately $9 billion, according to a report published in Opalesque.

Martino, Scott Schweighauser, the Aurora President and Anne Marie Morley, managing director of operations, will remain employees as Senior Advisors after the acquisition. 50 South Capital Advisors expects most of the Aurora Investment professionals will continue their service, reports Crain's Chicago Business quoting Northern Trust Spokesman John O'Connell.