Swiss private bank Union Bancaire Privée (UBP) acquisition of Nexar Capital Group will produce a combined hedge funds businesses with $14 billion AUM, a 25% increase on UBP’s assets at the end of 2011.
The newly created alternative investment division at UBP will be headed by Nexar Capital’s chief executive and founding partner, Arie Assayag. He will report to UBP’s chief executive, Guy de Picciotto.
Nexar was founded in 2009 with a strategic partnership enabliing it to act as a consolidator in the fragmented FoHFs industry. The following year in September 2010, Nexar acquired Allianz Alternative Asset Management, an alternative investment manager in the European FoHFs industry. After this Nexar next acquired Jersey and London-based FoHF manager Ermitage in 2011. The Ermitage acquisition took Nexar’s assets under management to a total of $3.7 billion and gave it a strong presence in London.
The Nexar acquisition will boost UBP’s existing global distribution capabilities, adding offices in Jersey and Tokyo to its extensive network. It will have offices in Geneva, New York, London, Paris, Jersey, Tokyo and Hong Kong, and form a new division reporting to de Picciotto.
The UBP takeover of Nexar is currently awaiting regulatory approval, but the deal is expected to be completed in the second quarter.
Source: Hedge Funds Review. Read full article here.
