Lighthouse Investment Partners has agreed to purchase Mesirow Advanced Strategies, the multi-manager hedge fund business of Mesirow Financial.
The acquisition, announced Friday, is expected to close mid-year. A "significant" portion of the Mesirow Advanced Strategies team will join Lighthouse in investment oversight, operational support, and client service roles, the firms said.
"The combination of Lighthouse's industry-leading managed account platform and strong track record, coupled with MAS's strengths in less liquid strategies, such as credit and other lending strategies, creates what we believe is a unique offering of which our clients will benefit," said Richard Price, chairman and CEO of Mesirow Financial, in a statement.
Lighthouse will acquire "substantially all" of the Mesirow Advanced Strategies assets, the firms said. Lighthouse currently manages $11 billion, while Mesirow Advanced Strategies has $8 billion under management.
"We are excited to welcome a group of talented professionals and highly valued clients to the organization," Sean McGould, president and co-CIO of Lighthouse, said in the statement.
Following the merger, Mesirow Financial is expected to serve as a distribution partner for Lighthouse. Price said the companies would be "partnering together to create products within the broader Mesirow and Lighthouse structures."
Terms of the deal were not disclosed.