Partners Group Fund Services has sold 100 per cent of its stock to Sciens Fund of Funds Management in a cash and earn-out transaction.

Partners Group Fund Services operates a Guernsey-based platform of hedge fund managed accounts which is regulated by the Guernsey Financial Services Commission.

Effective immediately, Douglas M. Reid, a senior managing director with Sciens, has been appointed president of Partners Group Fund Services, which will be renamed Sciens Group Fund Services and will be the investment manager to the platform.
 
Steffen Meister (pictured), chief executive of Partners Group, says: "We are pleased to finalise this transaction which concludes our strategic plan to focus on private markets asset management as previously announced. The terms of the transaction will allow us to benefit substantially from the growth in assets that is planned by the platform's new owners. During an initial period, Partners Group will support the platform and cooperate with Sciens to ensure that the level of service remains at the current high standard that present and future clients expect."
 
John P. Rigas, chief executive of Sciens Capital Management, adds: "We are extremely pleased to conclude this acquisition which places us in a leading and differentiated position to offer independent and comprehensive hedge fund investment services and solutions to large institutions. As a result of the chaotic environment of the fall of 2008 and in some cases the inability by certain hedge funds in that period to provide timely redemptions (a fundamental feature required by hedge fund investors), institutional investors are looking for an improved way to invest in hedge funds. We aim to become the managed account service provider of choice to institutional investors."