Eversheds advises Threadneedle on hedge fund acquisition

International law firm Eversheds has acted for Threadneedle in its acquisition of Convivo Capital Management, a specialist emerging market hedge fund business with assets under management of USD476m.

Convivo offers investors access to a range of different investment strategies in the emerging markets field. The firm's chief executive, Julian Adams, will join Threadneedle to oversee its enlarged emerging market debt business.

'This deal signifies the trend toward the sale of hedge fund managers to larger institutions,' says Eversheds partner Mark Brady. 'After the credit squeeze it has become harder for smaller businesses to operate, as many investors take a more critical look at hedge fund managers and, in particular, the strength of their risk, governance and compliance arrangements.'

Threadneedle is a global asset management company that launched its hedge fund business in 2000. It now manages about USD3 billion across nine different strategies, three of which are in the emerging markets area.

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