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Punter Southall and Fortune Asset Management create hedge fund services partnership

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Punter Southall Group and Fortune Asset Management have established a partnership in the provision of hedge fund advisory services.

Punter Southall Group and Fortune Asset Management have established a partnership in the provision of hedge fund advisory services.

It aims to provide Punter Southall’s UK customer base with Fortune’s research, advisory and product expertise with a specific focus on highly liquid investment solutions.

At the end of January, Close Brothers subsidiary Fortune will take over the management of io Alternative Investment Strategies’s three Irish listed funds, Grenfell Defensive Equity Fund, Grenfell Low Volatility Fund and Grenfell Select Opportunities Fund, from the previous sub-investment manager, Grenfell PAI.

Fortune has entered into a sub-investment management agreement with the investment manager of the three funds, Grenfell PAI Guernsey, which was established last September and is co-owned by Punter Southall (78 per cent) and Octane Holding (22 per cent).

The Punter Southall Group was founded in 1988 and provides a range of financial services including actuarial consulting, employee benefits consulting, independent financial advice and investment services for pension funds, corporate entities and individuals. The group advises on more than GBP18bn.

Founded in 1996, Fortune Group is a London-based, alternative asset management firm offering multi-manager products as well as customised portfolio management services for private wealth management groups, family offices, insurance companies, banks and pension funds.

Today, Fortune Group is a member of the Close Brothers Group whose asset management division managed some GDP8.2bn at the end of July, nearly half of it invested in alternatives.

Punter Southall and Fortune plan to work together to develop and implement a wide range of products for its combined institutional and high net worth client base.

"This deal brings together two firms who have each built a totally complementary client base,’ says Fortune chief executive Simon Hopkins (photo). ‘We believe this partnership will create one of Europe’s largest hedge fund advisors generating a more powerful commitment to customised hedge fund solutions for clients. Fortune’s considerable experience in managed accounts, will offer Punter Southall pension fund clients, in particular, a compelling proposition."

Kirsten English, chief executive of Grenfell PAI Guernsey, says: "The combined strength of our firms creates an entity which will be well placed to innovate, providing significantly increased transparency and liquidity for our largely institutional client base. In these market conditions, we are taking the positive and proactive step of combining assets and expertise to give our customers an increased set of investment options."

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