Northern Trust has agreed to buy Aurora Investment Management, a hedge fund portfolio manager that's owned by Natixis Global Asset Management.

Northern Trust, in Chicago, will acquire the business through its 50 South Capital subsidiary, according to a news release. Financial terms were not disclosed. The purchase is expected to close in the third quarter.

Aurora, also in Chicago, provides hedge funds with expertise in emerging manager, co-investment and liquid alternatives strategies. Aurora manages portfolios for institutional clients and for high net worth investors.

50 South Capital is an alternative asset management firm that caters to high net worth and institutional investors. It had about $3.3 billion in assets under management and $1.4 billion assets under advisement, as of Dec. 31.

RBC Capital Markets was the financial adviser to Boston-based Natixis on the deal.

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