Reuters – Hedge fund firm Cheyne Capital Management is to buy fund of hedge funds manager Altedge Capital, the firms said on Tuesday, as the once-booming industry consolidates in the face of client outflows. Under the deal, Altedge Chief Executive and Chief Investment Officer Chris Goekjian will become partner and chief investment officer at Cheyne, which manages more than $6 billion in assets, and will report to Chief Executive Jonathan Lourie.

Altedge, whose business will be integrated into Cheyne’s over the next six months, hopes to benefit from Cheyne’s distribution.

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