Arden to run Robeco-Sage fund of hedge funds business

Arden Asset Management is taking over Robeco Group’s $1.3 billion fund of hedge funds (FoHF) business, boosting its FoHF assets under management to $8.5 billion.

Arden will assume responsibility for the management of Robeco-Sage’s FoHFs effective October 1, 2011.

Robeco-Sage’s chief investment officer Paul Platkin and head of research Darren Wolf are set to join Arden’s investment team and continue to manage the Robeco-Sage portfolios with oversight from the Arden Investment Committee.

A number of Robeco’s investment, client service and operations staff are also expected to join Arden as part of the transaction.

Arden said there would be no changes to the way its existing funds and customised portfolios are managed following the deal.

Robeco plans to retain its “substantial investments” in the Robeco-Sage FoHFs, according to its CEO, Roderick Munsters.

Arden executed a similar deal in 2009 when it took over JP Morgan’s $1.1 billion portfolio of proprietary hedge fund investments.

The transaction comes at a time when FoHFs are seeking efficiencies of scale and follows hot on the heels of Nexar Capital Group’s acquisition last month of Ermitage, a $1 billion FoHF.

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