AllianceBernstein to Acquire Ramius Alternative Solutions

Sep 1 2016 | 7:22pm ET

Alternative investments specialist Ramius Alternative Solutions has agreed to be acquired by global financial powerhouse AllianceBernstein.

The company is jointly owned by Cowen & Co. investment division Ramius LLC and its two co-CEOs, Stuart Davis and Vikas Kapoor. The deal, terms of which have not been undisclosed, is subject to customary closing conditions and should close by the end of September, AllianceBernstein said in a statement. 

Ramius Alternative Solutions, better known as RASL, was founded in 1994 and manages approximately $3 billion in sophisticated hedge fund investment services, portfolio completion, optimization and hedging. The company is also home to proprietary liquid alternative family Ramius Liquid Portfolios. 

The acquisition adds new investment capabilities in factor-based and alternative risk premia solutions to AllianceBernstein, the company said, and expands the firm's offerings in the multi-asset and alternatives investment space. 

Following the close, Davies, Kapoor and their investment and support teams will join AllianceBernstein. 

"The RASL acquisition represents a natural extension of our factor completion strategies for multi-manager equity portfolios," said Vadim Zlotnikov, co-head of multi-asset solutions at AB, in the statement. "They bring an excellent reputation among the most sophisticated institutional investors for their ability to construct and manage a wide range of alternative investment solutions utilizing alternative risk premia and other factors based investments.”

Freeman & Co. acted as exclusive financial advisor to RASL and Cowen Group, while Ropes & Gray acted as counsel to Cowen Group and Wachtell, Lipton, Rosen & Katz acted as counsel to AB, the statement said. 

AllianceBernstein’s multi-asset solutions group manages around $117 billion in retirement solutions, tactical allocation strategies, and smart-beta and index strategies as of June 30, 2016. The parent company, partially owned by AXA, has more than $490 billion in AUM as of the same date.  

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