The asset-management arm of Belgian-Dutch financial-services conglomerate Fortis and Cadogan Management have agreed to combine their funds o...

The asset-management arm of Belgian-Dutch financial-services conglomerate Fortis and Cadogan Management have agreed to combine their funds of hedge funds businesses into a standalone company. Fortis Investment Management will own 70 per cent of the combined venture, which is based in New York and London, and which will operate under the Cadogan name. According to Cadogan chief executive Stuart Leaf, the deal would provide the firm with a way to expand in Europe whilst maintaining its autonomy. Financial terms of the deal weren't disclosed, but the combined entity will have $3.7 billion in assets under management.