SAIL Advisors, fund of funds arm of the Search Investment Group, has entered into an arrangement with ING Alternative Asset Management in New York to sub-advise three of its fund of hedge funds. As part of the move it is likely that SAIL will be opening a US office.
With this arrangement, SAIL will be the sub-advisor to ING's Topaz, Onyx and Asia Pacific Multi-Strategies Fund of hedge funds. The assets of these funds will bring SAIL Advisors fund of funds assets to about $2.4 billion. The transaction is expected to complete on or around 15 July 2009.