Monday, 25 July 2016
Last updated 2 days ago
Jul 30 2014 | 8:17am ET
Ramius Capital has asked investors to let it turn over management of an alternative mutual fund to State Street Global Advisors.
The hedge-fund arm of Cowen Group said it hoped to hire SSgA as the sub-advisor to its Ramius Trading Strategies Managed Futures Fund. Under the plan, SSgA would then hire the open-end mutual fund’s management team to continue running the fund, while Ramius would continue to provide back-office, operational due-diligence and marketing services to the fund.
Shareholders will vote on the plan, which has already been approved by the fund’s board, in September. Pending approval, the fund will be renamed State Street/Ramius Managed Futures Strategy Fund.
“We are excited to collaborate with State Street,” Ramius CEO Michael Singer said. “The proposed sub-advisory agreement will keep in place the fund’s portfolio management team while also providing additional resources to expand its signature investment capabilities.”