Two Northern Trust divisions announced wins Wednesday.
Alternatives unit 50 South Capital has inked an acquisition deal for Aurora Investment Management, a hedge funds-of-funds firm.
Aurora, which seeds emerging managers and operates a mutual fund, managed $9.7 billion as of February 1, according to regulatory filings. Its assets dropped by roughly $2 billion since 2013, coinciding with an industrywide trend to direct hedge fund investing.
Source: CIO’s 2016 Outsourced-CIO Buyer’s GuideOnce complete, the acquisition would swell 50 South’s capital base from $3.3 billion to approximately $13 billion, plus $1.3 billion that the purchaser advises on.
Northern Trust picked up more assets from Wisconsin’s Herzing University, which has hired the Chicago-based giant as outsourced-CIO (OCIO).
A Northern Trust spokesperson did not respond to questions about the size and type of assets it would be managing for Herzing. The new client belongs to the firm’s foundations and institutional advisory division.
Related: OCIO Buyer’s Guide: Northern Trust