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June 17, 2019

Alma Capital to buy DWS hedge fund division

Luxembourg-based Alma Capital Investment Management has agreed to acquire the UCITS hedge fund unit of Germany’s DWS.

DWS is the asset management business of Deutsche Bank.

The deal is said to be part of DWS’ plan to offer “scale, efficiency and focus”.

The companies did not disclose the value of the transaction.

The consolidation of the two is said to result in the creation of a “diverse range of single manager UCITS funds in long only and alternative strategies”.

The business to be acquired offers exposure to liquid alternative investment strategies, collaborating with third-party hedge fund managers to build regulated UCITS funds.

It managed €2bn in assets at the end of March 2019 across six hedge fund UCITs.

It tends to investors in the UK, Switzerland, Germany, Spain, France, Italy, Asia as well as the Middle East.

The deal is expected to be wrapped up in the second half of this year. It is pending regulatory nod.

Alma Capital CEO Henri Vernhes said: “This acquisition represents an important step ahead for us.

“We look forward to serving our investors with a broader range of funds from the DWS Ucits platform and to developing our business further with the continued support of our historic partner, EnTrust Global.”

At the same time, Alma Capital announced that asset manager EnTrust Global now becomes the owner of a 25% minority stake in the business.

EnTrust is owned by Legg Mason and chairman and chief Gregg Hymowitz.

Hymowitz stated: “Alternative UCITS investment solutions have become an essential part of European, Asian and Latin American investors’ overall asset allocation and as a result it was important for us to significantly expand our existing footprint within this investment universe.

“Doing so alongside our historical partners at Alma Capital was a natural extension.”

 

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