Bessemer Trust Co. announced Friday that it had acquired the 49% it did not already own of Fifth Avenue Alternative Investments LLC.

Formed in 1997 as a joint venture of Bessemer and LJH Global Investments LLC of Naples, Fla., Fifth Avenue invests in hedge fund portfolios and offers hedge fund advisory services to high-net-worth clients. Donald J. Herrema, Bessemer's chief executive officer, said the decision to acquire the remaining stake reflected growing interest in alternative investments by Bessemer's clients.

Fifth Avenue has more than $300 million of assets under management. Bessemer manages $3 billion of assets. -- Amy L. Anderson

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