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.

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