New York (HedgeCo.Net) – Arrowpoint Partners, the Denver-based investment firm founded by former hedge fund managers at Janus Capital Group Inc announced plans to acquire Aster Investment Management Co., of Larkspur, Calif., according to a Bloomberg report.
The deal is expected to close in the third quarter. Arrowpoint said it will pay for Aster out of available capital. The deal will bring another $2.9 billion of mutual fund assets into Arrowpoint’s portfolio.
“In terms of culture and research and process, this is a very complementary acquisition,” David Corkins, co-founder of Denver-based Arrowpoint, said in an interview. “We expect the integration will be seamless.”
Founded by David Corkins and Karen Reidy, Arrowpoint has become a home for former Janus employees. Brian Schaub and Chad Meade, who left Janus for Arrowpoint last month, will manage Aster’s $2.1 billion Meridian Growth Fund.