GLOBAL - Threadneedle Investments is acquiring specialist hedge fund manager Convivo together with its $476m (€348.3m) emerging markets portfolio, for an undisclosed sum.

Julian Adams, currently chief executive of Convivo, will join Threadneedle to head its emerging market debt business.

Convivo was founded in 2003 when it acquired Aberdeen Asset Management's Guernsey-based emerging markets fixed income business, set up by Adams in 1998.

Threadneedle's purchase of the specialist emerging market hedge fund manager is still subject to regulatory approval, but Simon Davies, Chariman of Threadneedle, commented: "This transaction significantly increases our presence in emerging markets, particularly in the areas of currency and debt."

Adams added he was "excited by the tie-up" as the " enhanced team will allow us to develop a powerful position in the Emerging Markets area".

Threadneedle, with a total of $138.2bn of assets under management, launched its hedge fund business in 2000 and will now manage approximately $3bn across nine different strategies, three of which will be in the emerging market arena

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