Alternative investment manager Hattaras Funds has entered into a definitive agreement to acquire a controlling interest in Alternative Investment Partners, which offers a line of open-end hedge funds-of-funds called AIP Mutual Funds.

Hattaras CEO David B. Perkins will become CEO of the new company, to be rebranded under the Hatteras umbrella. Lee Schultheis, CEO and CIO of AIP, will remain with the company as  president of the division.

Terms of the transaction were not disclosed. However, the deal is expected to close in August.

“AIP Mutual Funds is an ideal fit,” Perkins said. “The products are a natural extension of our current offerings and 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.”

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