50 South Capital Advisors, an alternative asset management firm owned by Northern Trust Corporation, has reached an agreement to acquire Chicago based Aurora Investment Management from Natixis Global Asset Management.
Aurora IM runs a range of hedge fund strategies since nearly 30 years, with expertise in seeding and co-investing with investment managers and a strong base of high net worth and institutional investors, including corporate and public pension funds, foundations and endowments, insurance companies and healthcare organisations.
The deal, which is expected to close in the third quarter of 2016, should bring 50 South Capital’s total global alternatives platform to manage and advise approximately $9bn (€8.3bn).
50 South Capital is led by CEO Robert Morgan, with 25 years’ experience in the alternatives investment business.
Aurora’s CEO Roxanne Martino, President Scott Schweighauser and Managing Director of Operations Anne Marie Morley will serve as senior advisers, to ensure a smooth transition of the business.
Senior Aurora investment professionals will join the 50 South Capital team to drive an expanded alternatives investment program, 50 South Capital announced.
At end December 2015, assets of 50 South Capital include around $3.3bn (€3bn) in assets under management and nearly $1.4bn (€1.3bn) in assets under advisement.
Northern Trust had assets under custody of $6.1trn (€5.6trn) and assets under management of $875bn (€805bn) as of 31 December 2015.