Kirkoswald Asset Management, the global macro hedge fund firm founded by former GLG Partners and Moore Capital Management Trader Greg Coffey, is closing in on a deal to acquire emerging markets manager Emso Asset Management, according to a report by Bloomberg.
The report cites people familiar with the matter as confirming that talks between the two firms are at an advanced stage for an acquisition that would create a money management firm with a combined $13bn in assets.
If completed, the deal would see Emso Founder Mark Franklin and his team join Kirkoswald, and boost Coffey’s attempts to diversify his current $8bn global macro operation. EMSO currently manages $5bn in longs-only absolute return and private credit strategies.
Under the terms of the proposed deal, Coffey will continue as CIO and CEO of Kirkoswald’s hedge fund strategy, while Franklin will serve as Chairman of EMSO strategies and join Kirkoswald’s board as Vice Chairman. Kirkoswald’s Joseph Mauro will serve as President of the combined business, according to Bloomberg’s sources.
