Hedge fund Arrowpoint Partners has acquired mutual fund shop Aster Investment Management, entrusting its largest fund to its newest hires.
The deal more than doubles Denver-based Arrowpoint's assets under management, which currently stands at $2.2 billion. Chad Meade and Brian Schaub, who joined Arrowpoint last month, will run nearly as much at Aster's $2.1 billion Meridian Growth Fund when the acquisition closes in the third quarter.
All told, Larkspur, Calif.-based Aster has $2.9 billion in assets; two smaller funds will remain in the hands of current manager James England.
Meade and Schaub are no strangers to mutual funds, having joined Arrowpoint from Janus Capital Group, where they managed that firm's best-performing stock funds.
"The Meridian Funds have a rich history of success spanning over 20 years," Arrowpoint founder David Corkins, himself a Janus alumnus, said. "We welcome the team at Aster Investment Management to Arrowpoint and look forward to partnering with them to continue delivering outstanding investment results to fund investors."