London, United Kingdom, June 06, 2013 --(PR.com
)-- Royce and Kruger Wealth Management today announced that it had acquired a minority ownership stake in privately held Castle Lake Group, a London based fund of hedge funds firm with approximately $1 billion in assets under management. The financial terms of the transaction were not disclosed.
Castle Lake Group provides commingled and customized multi-manager alternatives and long-only investment solutions to institutional clients. The firm designs and implements customized fund of hedge funds and emerging market portfolios through top-down asset allocation and manager selection.
“We are pleased to be partnering with one of the world’s leading and most respected diversified financial services firms. We believe this strategic partnership with Royce and Kruger Wealth Management will further enhance our ability to offer industry leading solutions and services to our clients, while maintaining our corporate culture and institutional investment process,” said Michael Rasburg, Spokesman for Castle Lake Group.
Royce and Kruger will take a minority ownership stake, with the Castle Lake management team and employees having a majority equity stake in the firm. This partnership further increases the long-term alignment of interests between Castle Lake and its clients as it involves a broadening of the equity ownership among Castle lake’s team. Royce and Kruger may acquire additional ownership interests in Castle Lake through long-term put and call arrangements in subsequent years, subject to customary conditions.
Royce and Kruger Wealth Management