The deal was announced in November last year, and at the time Evercore said it had agreed to pay around $45 million in cash for the stake, while ABS’ founders and employees would continue to hold 55 per cent of the company. The investment bank also said the deal was expected to be accretive to earnings per share in 2012.

Meanwhile, ABS founders Alain De Coster, Laurence Russian, and Guilherme Ribeiro do Valle will continue to lead the firm, with day-to-day operations and the investment process unchanged. The founders will also sign long-term employment contracts.

ABS is a fund-of-hedge funds manager specializing in long/short equity, and manages around $3.5 billion of hedge fund assets for institutional and high net worth investors. It has 24 employees and offices in Connecticut, Zurich and Hong Kong.

On the investment management side, Evercore has around $13.6 billion assets under management, according to its latest quarterly results (Q3 2011).