Fund of funds Stenham buys Montier

FUND of hedge funds group Stenham Asset Management yesterday said it had snapped up niche rival Montier Partners, boosting its total assets under management to $3.5bn (£2.27bn).

As part of the deal, the roles of managing director and chief investment officer at Stenham, both currently held by Kevin Arenson, are to be split. Arenson will now focus exclusively on investment management and risk control, while Montier’s chief investment officer Jeremy Alun-Jones will manage the business on a day-to-day basis.

Montier Partners, which was founded in 1996, has total assets of over $400m and manages hedge fund portfolios for family offices and institutions. Stenham was set up over 25 years ago.

Arenson said: “We have known Montier Partners for a number of years and have been impressed with the ethos and owner-managed culture at Montier which, like Stenham, has capital preservation and a commitment to absolute returns with low volatility, at its heart.”

Consolidation among fund of hedge funds firms has been widely anticipated by the industry, after it was hit hard by the financial crisis.