US hedge fund firm Cadogan inks spinoff from Fortis

BOSTON Oct 26 (Reuters) - Hedge fund group Cadogan Management LLC has signed a deal to spin off from Fortis Bank, taking a step that investors expect will attract new assets because it eases uncertainty about the firm's future.

New York-based Cadogan will be fully owned by its employees after the deal closes, the company said. Five top executives, who left the firm a few weeks ago, have returned to the firm.

Cadogan was part of Fortis' money management arm. Fortis will come under BNP Paribas' (BNPP.PA) control later this year when the French bank is expected to complete its acquisition of Fortis. (Reporting by Svea Herbst-Bayliss, editing by Leslie Gevirtz)