WFAM made the acquisition through its affiliated managers division which is headed by Tom Hoops and employs a multi-boutique asset management model similar to that of other American asset managers such as BNY Mellon and Legg Mason.
The financial details of the transaction were not disclosed.
Established in 2002 by chief executive Afsaneh Beschloss, Rock Creek has approximately $7bn in assets under management and provides customized multi-manager and long-only investment solutions to institutional clients. The firm designs and implements customized fund of hedge funds and emerging market portfolios through top-down asset allocation and manager selection using its own proprietary analytics platform, Rock Creek Solutions.
The 50-member Rock Creek team will remain independent with no change in its structure, investment philosophy or process, team and investment committee composition, or location; all day-to-day management will reside with the current Rock Creek team, which will continue to be led by Beschloss.
