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Rating:Arrowpoint Jumps into Retail Fund Business, Buys Aster Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 04, 2013

Arrowpoint Jumps into Retail Fund Business, Buys Aster

News summary by MFWire's editors

That didn't take long.

Soon after hiring PMs Brian Schaub and Chad Meade away from Janus, Denver-Colorado-based hedge fund firm Arrowpoint Partners has signed an agreement to buy the $2.9 billion AUM Larkspur, California-based Aster Investment Management, which manages the Meridian Funds, according to Bloomberg.

According to the newswire, the two new hires from Janus will manage the $2.1 billion Meridian Growth Fund (MERDX).

The newswire reports that the deal is expected to be completed in the third quarter, pending approval by fund boards and shareholders. Terms weren’t disclosed.

“In terms of culture and research and process, this is a very complementary acquisition,” Bloomberg quotes Arrowpoint co-founder David Corkins. “We expect the integration will be seamless.”

The purchase will more than double the assets under Arrowpoint's umbrella. The hedge shop currently manages $2.2 billion in separate accounts and limited partnerships, according to Bloomberg.

Corkins, and fellow Arrowpoint co-founder Karen Reidy, are also Janus alums.

The purchase of Aster was perhaps inevitable after the accidental death of founder Richard Aster Jr. last year.

Bloomberg reports that Schaub and Meade specialize in investing in small and medium-sized companies. They also made the $4.9 billion Janus Triton Fund that firm’s best performing stock fund in the five years through May 10, returning an annual average of 12 percent and beating 98 percent of competing funds.

Meanwhile, Meridian Growth has returned an annual average of 10 percent while beating 95 percent of rival funds over the past five years, according to the newswire.

Read more about the purchase in Bloomberg

Edited by: Tommy Fernandez


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