FS Investments and Portfolio Advisors ink deal to create $73 billion alternatives manager

Alternative money managers FS Investments and Portfolio Advisors signed a definitive agreement to merge, creating a combined firm with $73 billion in assets under management.

Terms of the deal, which was announced in a news release Thursday, were not disclosed. The deal is expected to close sometime in the first half of 2023.

Upon completion, Portfolio Advisors will become FS Investments’ institutional investment arm.

More information to follow.