Close Brothers Asset Management, part of Close Brothers Group, has bought a majority stake in London-based Fortune Group, a hedge fund manag...

Close Brothers Asset Management, part of Close Brothers Group, has bought a majority stake in London-based Fortune Group, a hedge fund manager. Terms of the transaction were not disclosed. Founded in 1996, Fortune manages approximately $ 800 million in a range of single and multi-manager products, for private wealth management groups, insurance companies, banks and pension funds, and has advisory mandates for substantial additional hedge fund assets. "Alternative investments are a major growth area for us,” said Jonathan Sieff, chief executive of Close Asset Management, in a statement. “Hedge funds are an important and fast growing element within this area and Fortune gives us an exceptionally talented team, excellent relationships and a strong track record to build on…Fortune will sit within the Close Investments stable, our multi-asset class, multi-manager investment business led by Rufus Warner.” Fortune's founders and other management shareholders will retain a "significant equity stake" in the firm, Close Brothers said. Close Asset Management currently has more than $1 billion invested in hedge funds; the acquisition of Fortune will nearly double the total.