EUROPE/US - Saguenay Capital and Strathmore Capital have merged to create Saguenay Strathmore Capital.
The combined fund of hedge funds manager will have a total of $2bn in assets under management. Completion of the deal, subject to regulatory approvals, is expected to happen in July.
The two firms said the combination of Saguenay's extensive US manager coverage and Strathmore's European manager research would extend the reach of the merged group.
They added the merger will also bring together Saguenay's team of senior fund managers, with its experience in managing customised global hedge fund portfolios, with Strathmore's rigorous investment processes, deep operational due diligence and risk analytics platform.
Saguenay Capital, based in New York, was established in 2002 by Brian Walsh and David Dobell to manage bespoke alternative portfolios for a client base of international institutions and family offices.
Strathmore Capital, based in London, was founded in 2003 by Stephen Harper to provide alternative investment advice and portfolio management to large institutional investors.
Brian Walsh will become chairman and chief investment officer of the merged firm and Stephen Harper becomes chief executive.
David Dobell and John Murphy become co-heads of research and Emlyn Palmer becomes chief operating officer.
Walsh explained the rationale behind the move. He said: "There is a strong common purpose inherent in our two businesses, making the strategic rationale straightforward.
"Ultimately, we share the same values, ambition and vision for the combined group in building a dynamic alternative investment manager focused on superior risk-adjusted returns for our clients."
Harper added: "This is a growth merger where the synergies of combining deep market experience with institutional processes strengthen the value proposition for all our clients."
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