Hatteras Funds, a North Carolina-based provider of alternative investment solutions for financial professionals, has entered into a definitive agreement to acquire a controlling interest in New York-based Alternative Investment Partners, AIP Mutual Funds.

 

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It has reported that David Perkins, CEO and founder of Hatteras Funds, will become Chief Executive Officer of the company, which will be rebranded under the Hatteras umbrella and operate as the mutual fund division within Hatteras Funds upon investor approval of the transaction.

 

Lee Schultheis, Chief Executive Officer and Chief Investment Strategist of AIP Mutual Funds, will remain with the company as President of this division. Mr. Schultheis, along with Asset Alliance Corporation, will continue as significant shareholders. The acquisition is expected to increase Hatteras Funds and its affiliated companies’ assets and will add two mutual funds of hedge fund strategies – the Alpha Hedged Strategies Fund and the Beta Hedged Strategies Fund.

 

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David Perkins, Chief Executive Officer of Hatteras Funds, said: “The products allow us to bring financial professionals a needed option for their clients’ portfolio diversification: an alternative investment solution through a mutual fund with daily liquidity.”

 

Lee Schultheis, CEO of AIP Mutual Funds, said: “Hatteras brings expertise in alternative investment management, administrative, client service and operational excellence to our investors that will enhance the investment process and has the potential to deliver value for years to come.”

 

However, the transaction is subject to approval. Consummation of the agreement is expected to be completed in August 2009.