LONDON, July 20 (Reuters) - Nordea Asset Management said on Friday it had agreed to take a 40 percent stake in hedge fund Madrague Capital Partners, as part of which the latter will manage a new long-short equity fund.
Nordea said the deal is part of a strategy to partner with boutique investment firms, while the planned fund launch will help bolster the group’s product offering.
“The combination of Madrague’s hedge fund strategy and Nordea Asset Management’s great distribution power is a perfect match,” Madrague Chief Investment Officer Lars Franstedt said.
“As one of the leading asset management firms in Europe Nordea will boost Madrague as we continue to produce very competitive returns for our clients.”
The deal is conditional on approval by the Swedish Financial Supervisory Authority and is expected to close during the thirds quarter. (Reporting by Simon Jessop; editing by Maiya Keidan)