Stamford, Conn.-based WR Managed Accounts, a hedge fund technology provider, has joined forces with Harcourt Investment Consulting and Duff & Phelps to develop transparency solutiions for the hedge fund space.
Duff & Phelps and Zurich-based Harcourt, part of the Vontobel Swiss banking group, have made equity investments in WR, the terms of which were not disclosed.
“This strategic alliance with two strong institutional partners, Duff & Phelps and Harcourt, provides WR with financial and strategic support that will materially enhance our global offering to hedge fund and alternative asset managers,” said Walter Raquet, WR co-founder and chairman.
WR provides institutional managed account solutions for hedge fund investments as well as risk aggregation and portfolio construction analytics. Raquet has more than 41 years of experience in the securities industry and co-founded Knight Trading Group in 1995. The firm’s chief executive officer, Andrew Weisman, served as the chief portfolio manager for the Merrill Lynch Hedge Fund Development and Management Group and chief investment officer and member of the board of directors for Nikko Securities International.
“We are excited to work with WR and Harcourt to collaborate on business development efforts in the hedge fund market, an area where we have deep experience and strong relationships,” said Noah Gottdiener, chief executive officer of Duff & Phelps, which specializes in advising clients on valuation, transactions, financial restructuring, dispute and taxation.
“Harcourt is seizing the opportunity to develop the combined offering of these three partners in the managed account space," said Stephan Fritz, chief executive officer of Harcourt. "The combination of our skills and talents will unlock significant business potential and provide all of our clients with a unique offering for state-of-the-art managed account investment solutions.” Harcourt, with a staff of 70, focuses exclusively on alternative assets, managing US$4.7 billion.