AllianceBernstein (AB) has signed a letter of intent to assume management of Visium Asset Management's Global Fund, a multisector long/short equity hedge fund.
As part of the transaction, the Visium Global Fund's investment team and certain support staff would join AB.
"The Visium Global Fund is a unique opportunity to further strengthen AB's alternatives platform," says Peter S. Kraus, Chairman and Chief Executive Officer of AB. "The Fund has produced strong risk-adjusted performance since its inception in 2007, and enhances our ability to meet our clients' need for idiosyncratic alpha across market cycles."
This transaction is subject to completing due diligence, agreement on transaction documentation and customary closing conditions, including any required investor approvals.