Man Group, the world's largest publicly-traded hedge fund business with over $162bn in assets, has acquired a majority 51% stake in Geneva-based impact asset management firm Asteria Investment Managers.

The other 49% of the business is held by Fideuram-Intesa Sanpaolo Private Banking, in a new partnership between the two firms.

Approval and clearance for the deal has been received from the Swiss Financial Market Supervisory Authority (FINMA) and antitrust authorities.

According to a press statement issued by Man Group, the focus will now be on building out Asteria’s offering by creating a range of technology-enabled alternative and long-only investment strategies, by combining Man Group’s expertise in bespoke portfolio solutions with the strong investment management capabilities of both Man Group and Asteria and F-ISPB’s private banking expertise, financial adviser network and client base.

Steven Desmyter, president at Man Group, said: “We’re excited about the possibilities this joint venture opens up. The F-ISPB team has exemplary local knowledge and we share its commitment to innovation and excellence.

“Working side-by-side puts us in a great position to generate a new set of relevant investment solutions for clients in Europe as we seek to address their varied performance, portfolio construction and risk management needs.”