Tokyo

Japan’s Orix Investment Corporation to buy US Mariner hedge fund

In a further sign that the hedge fund industry is beginning to consolidate Tokyo-based Orix Investment Corporation has decided to buy a majority stake in US hedge fund Mariner’s parent company, MIG Holdings. The deal is being done through Orix USA Corp. It is believed that Orix will be paying approximately USD184 million for the stake. Mariner, with USD11.7 billion in AUM, was advised during the deal by Morgan Stanley and Deutsche Bank. Its current partners will preserve a significant stake in the hedge fund and will continue as normal to oversee all investment and operational decisions. Speaking about the partnership, Mariner CEO Bracebridge Young told the press: “The strategic partnership with Orix in Japan – and throughout Asia – is particularly exciting as the region offers a burgeoning opportunity for both investment strategies and distribution." M&A activity is gathering pace in alternatives, with Man Group finally acquiring GLG Partners last week and Royal Bank of Canada announcing this week plans to acquire London-based BlueBay Asset Management for USD1.5 billion.

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