Halcyon Asset Management is set to become the latest alternative investment house to go public after agreeing to be bought by a so-called blank cheque, or special purpose acquisition company.

The purchase of New York-based Halcyon, which has $11.5bn under management, up from more than $4bn in 2006, by Alternative Asset Management Acquisition Corporation, values Halcyon at close to $1bn, or 9.5 times earnings.