London-based asset manager Northill Capital LLP entered into an agreement to buy a majority stake in Arlington, Va.-based Strategic Investment Group, an investment manager focused on the outsourced chief investment officer space.

FFL Partners LLC, a San Francisco-based middle-market private equity firm, is selling Strategic for an undisclosed sum.

The direct ownership of Strategic by its current senior management and investment team will rise to more than 25%, with potential for further increases.

The acquired company, which will remain independent, will keep its Arlington headquarters. Northill's management team will join Strategic's board.

Morgan Stanley & Co. LLC was financial adviser to Strategic.