AQR Capital Management, one of the world's 30 largest hedge fund managers, has sold a significant stake of its business to Affiliated Managers Group, a US holding company. The move is the latest of a string of mergers in the hedge fund industry.

Analysts estimated the stake to be worth about $100m (€77m). AQR has $6.5bn in hedge fund assets and $5.5bn in long-only assets. The firms did not disclose how much equity was acquired.