Austrian Bank Dumps AIG, Picks K2

Dec 22 2008 | 10:57am ET

K2 Advisors, a $6.3 billion Connecticut-based fund of hedge funds, has replaced AIG as adviser to $300 million worth of hedge fund portfolios managed by one of Austria’s biggest banks, Raiffeisen Zentralbank Österreich.

The portfolio is being handled by the bank’s subsidiary Raiffeisen Capital Management, Financial News reports.

K2 has been an adviser to RCM since 2005 and will assist the subsidiary advising retail clients and institutional clients. K2 is already a sub advisor for Raiffeisen 321, another hedge fund of funds for its institutional clients.

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