The acquisition of Tiger Bay Investors of Gramercy Park Advisors effectively created a 'superfirm' in the asset management industry. The details of the financial agreement, however, were not immediately disclosed.

The deal seeks to create more business value by focusing on the present operational effectiveness of the organization while also offering long-term success strategy.

Owain Morgan, co-managing partner of Tiger Bay, said they have set out to create a new service and the acquisition presents an opportunity for the company to pursue its goals. He said: "We can now offer our clients a combination of strategic and operational services that separate them from the pack, accelerate growth and increase the value of their businesses."

Tiger Bay focuses on private equity firms, asset managers and hedge funds by improving on their management skills. Gramery Park, meanwhile, is an asset management consulting and advisory firm that helps companies by assessing and evaluating their value.