Friday, 29 July 2016
Last updated 7 hours ago
Mar 1 2012 | 4:00am ET
Union Bancaire Privée has boosted its hedge fund business with a deal for French hedge fund Nexar Capital Group.
The Swiss bank, badly burned by the Bernard Madoff Ponzi scheme, said yesterday it had agreed to buy the US$3 billion firm. Terms of the deal, expected to close in the spring, were not disclosed.
"UBP strongly believes in the important role of funds of hedge funds in meeting each client's objectives with respect to dynamic and performing portfolios, which incorporate a proven combination of active portfolio management, rigorous risk management and interactive investor services," the bank said.
Adding Nexar will bring UBP's hedge fund assets up to about US$14.5 billion. Nexar, founded in 2009 by former Société Générale hedge fund chief Arie Assayag, has itself been on something of an acquisitions kick, having bought Allianz's fund of hedge funds business in 2010 and Caledonia Investment's Ermitage fund of funds business last year.