Martin Currie agrees to buy $280m long/short business

Martin Currie Investment Management has agreed to acquire the $280 million (£190.6 million) Sofaer Capital European long/short equity business.

It is understood that the Sofaer Capital European hedge fund will be taken on by Martin Currie as of July 1.

The two principals in charge of the fund, Michael Browne and Steve Frost, will move to Martin Currie and continue to run the $140 million vehicle.

The pair has worked together on European equities for more than 20 years and began to co-manage the Sofaer Capital European hedge fund, which has delivered an annualised return of 8% versus -0.6% by the MSCI European benchmark, in January 2001.

Commenting on the acquisition, Willie Watt, chief executive of Martin Currie, said: ‘The acquisition enables us to fill an obvious gap in our long/short equity business and add substantial assets under management to our hedge fund business.’