Asset manager the Carlyle Group (Nasdaq: CG) is buying hedge fund manager Diversified Global Asset Management Corp. (DGAM). 

Toronto-based DGAM has more than $6.7 billion in managed and advised assets. The group will keep George Main as CEO and Warren Wright as CIO. Terms of the deal were not disclosed.

The target will be Carlyle’s fund of hedge funds platform, and allow the Washington, D.C.-based asset manager to allow its investors to allocate funds to hedge funds, private equity and real estate.

Carlyle has about $185 billion in assets under management through 122 funds and 81 fund of funds. The firm recently raised $13 billion for its sixth U.S. buyout fund, and bought a majority stake in Edgewood Partners Insurance Center in November. 

The deal is expected to close in February.

Goldman Sachs & Co. (NYSE: GS) acted as DGAM’s financial adviser on the deal. 

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