Morgan Creek Capital Management is to acquire the alternative funds business of Signet Capital Management, a European-based institutional fixed income investment firm.
Signet's alternative funds business has approximately USD700m in assets under management.
Under the agreement, Signet will contribute its funds and senior investment management team to Morgan Creek's platform, where it will apply its global fixed income experience for the benefit of Morgan Creek clients. Robert Marquardt founded Signet, which is well known in the European institutional investor community, in 1993.
The current senior management team at Signet – including Marquardt and chief executive and co-head of investment management Serge Umansky – will join Morgan Creek and continue their current roles serving clients of Signet's funds as well as complementing Morgan Creek's fixed income capabilities. Signet's offices in London, and Lausanne, Switzerland, will become part of Morgan Creek's global network.
"We are excited to have Bob, Serge and the entire Signet team join Morgan Creek, a union that will benefit both our present and future clients," says Mark W Yusko (pictured), the chief investment officer of Morgan Creek. "This agreement represents a major achievement in our overall strategy to expand our global footprint and bring on talented investment professionals to help address the increasingly complex global investment environment."
"Morgan Creek is a tremendous investment firm that holds the same values and investment philosophies that we do," says Marquardt. "We look forward to adding value by integrating our extensive fixed income expertise with Morgan Creek's well-respected endowment style of investing."
The transaction is expected to close in the second quarter and is subject to the required regulatory approvals and other closing conditions. Signet Capital Management is authorised and regulated by the Financial Conduct Authority, and the agreement is subject to the approval of the Financial Conduct Authority.