Affiliated Managers Group is forking out $800m (£553m) to buy the hedge funds from Goldman Sachs’ Petershill Fund I, making the deal one of the largest acquisitions in the financial services sector this year.
Of the five hedge funds snapped up, three were London-based including Winton Capital Management, Capula Investment Management and CapeView Capital. The others were San-Francisco-based Partner Fund Management and Philadelphia’s Mount Lucas Management.
The deal is set to increase AMG's assets under management by $55bn to nearly $700bn.
Sean M. Healey, chairman and CEO, AMG, said: "We are delighted to be investing in these excellent firms, and have tremendous regard for the businesses built by their outstanding management teams.
“Consistent with AMG’s partnership philosophy, the management team of each firm will continue to have operating autonomy and substantial retained equity in their own businesses.”