Commerz Seeks Buyer For Fund Of Hedge Funds Group

Mar 6 2009 | 12:07pm ET

Commerzbank is getting out of the hedge fund business.

The German bank has put up its fund of hedge funds unit, Comas, up for sale. According to the Financial Times, Commerz is already in talks with several potential buyers, including other funds of hedge funds and family offices.

The move to sell Comas, which manages US$900 million, comes just months after Commerz traded its main asset management business to Allianz as partial payment for its takeover of Dresdner Bank.

Comas, which employs quantitative modeling, was releanched three years ago, was cash-flow positive last year, and beat most of its peers in terms of performance, although its flagship fund still shed 13%. It has been closed to new investors since October, and Commerz itself is one of its major investors, accounting for about one-third of its assets.

Should Comas find a buyer, it should new Commerz tens of millions of euros, according to the FT. But the bank isn’t counting it’s chickens: Commerz said it is reserving the right to shutter Comas is a buyer isn’t found.

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