The Hennessee Group has sold its hedge fund and private-equity advisory business to Terrapin Asset Management.
Hennessee, best known for its hedge fund indices, will now focus on its research business and on expanding into the hedge-fund exchange-traded fund space.
"After more than 25 years in the hedge fund advisory business, we made the decision to entrust our client relationships with Terrapin and focus on our research and Hennessee Index products and publications," firm founder Elizabeth Hennessee said.
The deal, terms of which were not disclosed, has been in the works for about a year, with the lead time allowing clients the flexibility to transfer their accounts. Terrapin said that all of Hennessee's advisory clients did so.
"We are excited to substantially grow our direct-investing advisory business with this transaction," Terrapin president Dean Rubino said. "This puts Terrapin firmly on the path of adding value through service in what has become a product-dominated marketplace."