Friday, 30 September 2016
Last updated 7 hours ago
May 3 2011 | 1:30pm ET
French hedge fund Nexar Capital Group will buy London-based fund of funds Ermitage from Caledonia Investments for an undisclosed price.
Bloomberg says the combined companies will manage $3.7 billion, subject to regulatory approval of the deal.
Arie Assayag, the former global head of hedge funds at Societe Generale's alternative asset-management unit, founded Nexar in 2009 with colleagues Eric Attias and Bernard Kalfon.
It’s the second significant acquisition for Nexar in the past 12 months. In September 2010, the Paris-based firm increased its AUM to $3 billion with the purchase of Allianz Alternative Asset Management from the German insurer Allianz.
Caledonia, based in London, began life over 80 years ago as a trust to oversee the shipping fortune of the Cayzer family.