Montier Partners, a fund of hedge funds with approximately $400 million under management, has been bought by Stenham Asset Management, part of South African financial services provider Peregrine Holdings.
The move brings Stenhams AuM to $3.5 billion, and continues the trend of fund of hedge fund consolidation. Altigefi, the fund of hedge fund arm of Sal Oppenheim, was recently sold to Olympia Capital Management. Gottex also bought Constellar Capital in January 2010.
Montier Partners, founded in 1996, is an investment advisor to sister company Montier Guernsey, which manages hedge funds for institutional investors and family offices.
According to local media in South Africa, Peregrine group CEO Jan van Niekerk said Stenham will focus on endowment and sovereign as well as pension funds particularly in Europe, the US and the Middle East.
Northern Trust will remain the administrator to Montier Partners. Northern Trust has recently enhanced its Hedge Fund Monitor solution with the addition of a new compliance module designed to support the demands of UCITS funds-of-hedge funds.