Saturday, 13 February 2016
Last updated 13 hours ago
Sep 14 2010 | 1:23am ET
Hedge fund Nexar Capital Group has struck a deal for Allianz’s fund of hedge funds business, giving the New York- and Paris-based firm a European fund of funds business.
Terms of the agreement were not announced. Allianz Alternative Asset Management employs about 30, and will serve as a complement to Nexar’s New York-based fund of funds business. The combined firm will boast more than US$3 billion in assets under management.
“AAAm will be an important part of our group and reinforces our capabilities in Europe,” Arié Assayag, Nexar’s co-founder and CEO, said. “This transaction is a significant milestone in our strategy of becoming one of the leaders in the alternative industry.”
AAAm chief Jean-François Vert will continue to lead the business. He said that the firm’s clients “will benefit from Nexar’s proven investment and risk management processes.”
Nexar was founded last year by 30 top bankers from the French bank Société Générale. It is backed by private equity firm Aquiline Capital Partners.