Guinness family firm takes stake in hedge fund group
LONDON (Reuters) - The investment office of the Guinness family, which made its fortune in brewing, has taken a stake in 47 Degrees North and will back future fund launches, the fund of hedge funds firm said on Monday.
Under the deal, Iveagh will be a minority shareholder in 47 Degrees North and provide seed capital for new launches, which are set to include emerging managers and innovative hedge fund strategies, the hedge fund firm said in a statement. It did not give the size of the stake.
47 Degrees North, which has offices in Switzerland and the United States, will also open a branch in London as part of the deal
Many smaller hedge fund firms have had to close while some have sold their businesses to larger players as the once booming industry faces its toughest-ever challenge, with a record poor performance last year and investor outflows.
"This development is against the grain of what is happening in the alternative investment industry at the moment," said 47 Degrees North Chief Executive Claude Porret. "It allows us to enter into the next stage of growth in markets that we believe are full of opportunities."
Iveagh Chief Executive Paul Ross said: "Without the problem of redemptions and with additional assets at hand, 47 Degrees North is able to take advantage of investment opportunities thrown up by the current market dislocations."
(Reporting by Laurence Fletcher; editing by Karen Foster)
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