Richmond Park Buys Fund Of Funds Olympia

Feb 4 2011 | 2:13am ET

French fund of hedge funds firm Olympia Capital Management has been acquired by investment advisory Richmond Park Partners.

The London-based firm bought out private equity firm Sagard and Olympia's managers to take control of the US$2 billion fund of funds, one of the oldest in Europe. Terms of the deal were not disclosed.

"For us, it is a transforming deal," Richmond Park's Nirav Hathi told Financial News. "But we will continue to offer advisory services as well as investing in businesses as principal."

"Funds of hedge funds have been out of fashion, but we believe they can earn their fee by offering investors access to funds on a comprehensive basis."

Olympia founder Marc Landeau will remain an advisor to the firm, while CEO Laurent Duperyon will continue to lead the firm.

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