MFS has expanded further into the alternatives asset space with the acquisition of 40 per cent of Sydney-based Fortitude Capital.
The move is part of MFS's strategy to obtain significant but minority equity positions in alternative investment managers with an existing track record and potential for growth, MFS Alternative Asset chief executive Richard Lourey said.
"Fortitude Capital represents another positive development for our aspirations in the alternative investments sector," Lourey said.
"Our sweet spot is to find managers with between $50 to $200 million in funds under management and want to partner to grow their businesses to around $500 million."
Fortitude Capital is a market neutral multi-strategy absolute return fund specialising in Australian equities with in excess of $100 million of funds under management.
As part of the deal Fortitude managing partners, John Corr and Tim McGowen, have been tied into long-term employment contracts, while Lourey has joined the Fortitude board.
According to Lourey, MFS Alternative Asset is currently in discussions to obtain other significant but minority equity positions with other managers.
"We see the opportunity to build a federation of alternatives managers so investors can benefit from the economies," Lourey said.
In November MFS Alternative Asset acquired a 40 per cent stake in Vantage Asset Management.
