Monday, 27 June 2016
Last updated 1 hour ago
Jun 2 2011 | 9:46am ET
New York-based fund of hedge funds manager Arden Asset Management will take over the $1.3 billion fund of funds business of Rotterdam-based Robeco (Robeco-Sage) as of October 2011.
Arden says the businesses complement each other and already enjoy a “large overlap” in underlying managers.
Averell Mortimer, Arden president and CEO, said, “We are very excited about this transaction and look forward to continuing to serve our combined investor base with a broad range of institutional multi-manager hedge fund portfolios as we strategically expand our business.”
Robeco Group CEO Roderick Munsters believes the deal “provides significant benefits to our investors through increased resources, including investment talent, leading edge technology, and infrastructure. We remain committed to the fund of funds business and intend to retain our substantial investments in the Sage funds.”
Under the terms of the agreement, Robeco-Sage CIO Paul Platkin and Head of Research Darren Wolf will join the Arden investment team and will continue to manage the Robeco-Sage portfolios on a day-to-day basis with oversight from the Arden investment committee. Arden’s existing funds and customized portfolios will continue to be managed, as before, by the investment committee.
Founded in 1993, Arden is a leading independent global fund of hedge funds investment management company with approximately $7.2 billion under management and offices in New York and London.
Robeco, established in Rotterdam in 1929, offers investment products and services to institutional and private investors worldwide. It has approximately $201 billion in assets under management as of December 31, 2010.