CHICAGO (HedgeWorld.com)–Employees of Harris Alternative Investment Group, which manages US$3.7 billion in offshore and U.S.-based funds of funds, now stand under a single corporate umbrella instead of two, and the umbrella has a new name.
As of Sept. 30, the group operates as part of Harris Alternatives LLC, Chicago. Previously, the Alternative Investment Group’s employees worked for both Harris Alternatives and Harris Associates LP. Harris Alternatives is a wholly-owned subsidiary of Harris Associates.
U.S.-based funds came under the Harris Alternatives branch, and offshore funds operated under the Harris Associates moniker, said Ron Rolighed, director of alternative product management for Harris Alternative Investment Group.
The name change and consolidation under the Harris Alternatives branch was done do “streamline and simplify” operations, Mr. Rolighed said.
“It made sense from an efficiency standpoint,” he said. “There was no need to have two names involved.”
Beginning Jan. 1, Harris Alternatives will become a direct wholly owned subsidiary of CDC IXIS Asset Management North America LP, Boston.
Mr. Rolighed said the name changes and shifts in ownership would have no effect on day-to-day business functions or personnel.