Private bank Sal. Oppenheim has sold its French fund of hedge funds business to Olympia Capital Management.
Terms of the deal for Altigefi were not disclosed. The sale comes as Luxembourg-based Oppenheim quits France; Altigefi’s four Altipro funds of hedge funds will continue, but Sal. Oppenheim France’s long-only funds will be liquidated. Oppenheim was acquired by Deutsche Bank six months ago.
It is unclear how much money Altigefi currently manager; last year, when Oppenheim took full ownership of the firm, it had about US$800 million. Olympia, also based in France, manages about US$2.2 billion.
Olympia also made clear it may not be done participating in the consolidation of the fund of funds industry.
“We will continue to explore these types of consolidation opportunities when they arise,” CEO Laurent Dupreyon said.