Investcorp is buying Ssaris Advisors LLC’s hedge fund of funds division.

The acquired business has about $800 million in discretionary and advisory assets with clients across the U.S., Europe and Asia. Investcorp says the purchase is part of the firm’s strategy to focus on its core divisions including fund of funds, single managers and special opportunity portfolios. Four members from the target’s team are joining Investcorp.

Investcorp added that the acquisition complements its growth strategy to offer additional products related to hedge fund investing, including alternative asset investments, which the firm started offering in June. “The hedge fund of funds products and team of Ssaris is the first acquisition for Investcorp’s hedge funds business and clearly affirms our commitment to the expansion of our business to meet investor demand for innovative and customized solutions,” says Lionel Erderly, Investcorp’s chief investment officer of hedge funds. The firm's hedge fund business has about $4.1 billion in assets under management. Ssaris’ absolute return hedge fund strategies business is not included in the deal.

Financial services remains one of the areas where dealmakers expect to see an expansion in M&A, according to Mergers & Acquisitions Mid-Market Pulse, a forward-looking sentiment indicator derived from monthly surveys of approximately 250 executives published in partnership with McGladrey LLP.