UK-based Stenham Asset Management, the fund of hedge funds firm, has added $400 million of assets by acquiring Montier Partners, a discretionary investment management firm, taking total AuM to $3.5 billion. Stenham described the move as an example of consolidation in the FoHFs business.

Terms of the deal, which was completed on 1 September, were not disclosed in a statement by Stenham.

Dominique Montier, founder of Montier Partners, and Jeremy Alun-Jones, chief investment officer of Montier Partners, will join Stenham’s investment committee, which will now comprise nine investment professionals, with an average of 20 years’ investment experience.

Alun-Jones will assume the role of managing director, which will allow Kevin Arenson, currently managing director and CIO, to focus exclusively on investment management and risk control. The rest of the Montier team joining Stenham include two senior research analysts and four business development/client service professionals.

Montier Partners was founded in 1996 to act as an investment advisor to its sister company Montier Guernsey, which manages diversified hedge fund portfolios for family offices and institutions.

Arenson said: ‘We have, for some time now, been contemplating the separation of the roles of managing director and CIO at Stenham to allow me to concentrate exclusively on managing the Stenham portfolios together with the investment committee. The attraction of Montier was that it provided us with a highly suitable candidate for the position of managing director of Stenham Asset Management, expanded the current business development team and simultaneously augmented the investment team both at an operational and investment committee level.”