Bloomberg- Threadneedle Asset Management Ltd., the London-based money manager owned by Ameriprise Financial Inc., agreed to buy Convivo Capital Management Ltd. to expand its emerging-markethedge-fund business.
Julian Adams, chief executive officer of Convivo, will join Threadneedle and run the company’s emerging-market debt business, the fund-management company said today in an e-mailed statement. Threadneedle didn’t say how much it will pay for Convivo.
Threadneedle is adding Convivo’s $476 million in managed assets and expects to have about $3 billion in its hedge funds when it completes the acquisition. The company’s managed assets in emerging markets are set to rise to $10 billion.
