Reuters – Fund of hedge fund firms Saguenay Capital and Strathmore Capital are to merge to form a manager with $2 billion (1.2 billion pounds) in assets, reuniting ex-Bankers Trust executives and providing scale in a sector hard hit by the credit crisis.
The deal, which combines London-based Strathmore with around $1.4 billion in assets and New York-based Saguenay with more than $600 million, is the latest deal in a sector facing demands for lower fees and questions over its usefulness after poor performance in recent years.
