Regions

Investcorp buys hedge fund of SSARIS

November 11
1:51 AM 2015

Bahrain-based Investcorp Bank BSC has acquired hedge fund business from SSARIS Advisors LLC. The acquisition of hedge fund from the fund business of the US company will enhance product range of Bahrain's bank as the business is expected to add $800 million in discretionary and advisory assets to Investcorp Bank.

In addition to this, Investcorp will also get clients from the US, Europe and Asian markets. Investcorp Bank aims to double its assets under management over seven years after the acquisition.

Investcorp Bank manages $10.6 billion of alternative assets and it has $4.1 billion in assets under management. The bank will also get four key officials from SSARIS' hedge fund of funds investment team.

The four fund managers will join Investcorp's New York office this week. Investcorp invests in private equity (PE), funds of hedge funds and real estate segments. 

The bank also helps investors explore new alternative investment opportunities.

Investcorp advises investors on diversification of portfolios across different markets. Investcorp's Executive Chairman Mohammed Al Ardhi describes the acquisition as "part of our drive to expand product lines and grow assets under management."

After the acquisition, the new team at Investcorp will focus on four segments -- fund of funds, single managers, special opportunity portfolios and alternative Beta solutions. The acquisition will also add to Investcorp's expertise as it launched other product lines as well. 

With the acquisition, Bahrain bank aims to double its assets under management over seven years. SSARIS Advisors couldn't be reached for a comment. Investcorp has recently teamed up with Nut Tree Capital Management through its seeding platform and has decided to keep investing in building up talent.

The buying of hedge fund business from SSARIS is the first acquisition for Investcorp. This will further strengthen the Bahrain bank's business expansion plans to meet the growing investor demand for innovative and customized solutions.

Lionel Erdely, Head and Chief Investment Officer of Hedge Funds at Investcorp, said: "Prior to agreeing on the integration, both Investcorp and SSARIS spent a great deal of time ensuring that transitioning the team to Investcorp's infrastructure would create value and preserve continuity for the clients of our two institutions.

These two factors have been paramount in our decision to move forward on this acquisition. Investcorp and SSARIS are well aligned in terms of Investment philosophy and processes."

The US-based real estate unit in October acquired eight residential properties for $400 million Las Vegas, Denver, Chicago, Atlanta and Dallas. The SSARIS is based out of Wilton, Connecticut and it focuses on managing hedge fund strategies.

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