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Laxman Pai, Opalesque Asia: Investment consulting firm Aksia LLC, which focuses on hedge funds and private markets, acquired a rival firm called San Diego-based TorreyCove Capital Partners, which is based in San Diego.
The transaction is expected to close in the first half of 2020. The terms of the deal are not being disclosed.
The combined firm will have more than $160 billion in assets under advisement and some 240 professionals worldwide.
"The combination of Aksia and TorreyCove brings together two specialist investment research and advisory firms serving the needs of institutional investors in alternative investments. Aksia specializes in private credit and hedge fund strategies whereas TorreyCove specializes in private equity and real asset strategies," said a press release from Aksia which provides specialist alternative investment research and portfolio advisory solutions to institutional investors globally.
Following the transaction, Aksia will remain headquartered in New York, with offices in San Diego, London, Tokyo, Boston, Athens, and Hong Kong. TorreyCove's five Managing Directors will be welcomed as partners of Aksia and assume senior management positions.
"Clients are expected to benefit from larger and deeper research teams, broader geographic reach, pan-alternatives expertise, and a focus on technology solutions to access a wide range of research on investments as well as portfolio, accounting, and risk reporting," it said.
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