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Alternative Market Briefing

Funds of hedge funds continue their consolidation

Monday, February 27, 2017

Komfie Manalo, Opalesque Asia:

The fund of hedge funds sector remains in a period of consolidation as managers recognize the need to develop new, innovative ways to diversify their offering and appeal more succinctly to the bespoke requirements of investors, data provider Preqin said in its latest Hedge Fund Spotlight.

As reported by Opalesque, funds of funds heavyweights PAAMCO and KKR Prisma announced a deal to merge their fund of hedge funds operations, with the merger set to be completed by the end of Q2 2017. The combined firms will operate under a new entity, PAAMCO Prisma. PAAMCO and KKR Prisma's core investment and client teams will remain unchanged.

"The combined enterprise will aim to provide all of the features their clients have invested in historically, but with the additional benefits of operational scale and access to offer an even broader suite of investment solutions," Preqin commented on this deal.

Then in Q3 2016, Fiera Capital Inc. completed its acquisition of the team and strategies of Larch Lane Advisors. The acquisition provides Fiera Capital a range of alternative investment solutions previously provided by Larch Lane and its joint venture partners, including a liquid alternatives mutual fund, traditional funds of hedge funds and hedge fund seeding strategies.

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