AA swallows Big Apple-based hedge fund.

By Liam Egan

ABSOLUTE Alpha has acquired the flagship fund of a major New York-based pure hedge fund of fund manager and is negotiating to purchase the manager itself.

The Australian fund of hedge fund manager will not reveal the name of its newly acquired US fund, which it claims has an estimated US$500 million in funds under management (FUM), until negotiations for the acquisition of the parent company are completed.

However, Absolute Alpha (AA) head of distribution Peter Wood has confirmed the acquisition of the fund for an undisclosed figure,