Iveagh, the London-based Guinness family office, has entered into a strategic partnership with alternative investment management company 47 Degrees North Capital. Under the agreement, Iveagh will become a minority shareholder of 47 Degrees North – a leading provider of specialised fund of hedge fund products with offices in New York and Switzerland.
“The current market environment presents a great opportunity to partner with specialist and experienced investment teams that weathered the recent storms well,” explained Iveagh CEO Paul Ross. “Without the problem of redemptions and with additional assets at hand, 47 Degrees North is able to take advantage of investment opportunities thrown up by the current market dislocations and we are delighted to have gained access and be able to support their strategic growth plans.”
Iveagh will gain further access to alternatives and provide initial investment in upcoming fund launches that include emerging managers and innovative hedge fund strategies. For its part, 47 Degrees North will open a London office.
“This development is against the grain of what is happening in the alternative investment industry at the moment and we take it as a massive vote of confidence in our company and people that such respected investors would make a move of this nature at this time,” said 47 Degrees North Chief Executive Officer, Claude Porret.
“In the current environment we believe it is crucial to have the strength and resources that these partners provide. It allows us to enter into the next stage of growth in markets that we believe are full of opportunities.”