GEMS Groups, an absolute return manager, has received legal and regulatory approval to acquire France-based hedge fund sponsor Kenmar-Olympia.
Following the merge, the new combined entity will be titled as GEMS Kenmar-Olympia Group and will be managing over US$2 billion through a range of asset management products and services both in financial and real estate markets.
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GEMS Kenmar-Olympia Group will also be active in private banking, provide family office services and offer life insurance contracts linked to alternative and traditional vehicles.
Additionally, the group will offer in particular multi-strategy alternative and long only funds of funds on macro and thematic strategies; as well as a range of systematic global and sectorial single funds.
It is reported that each firm of the new group will continue to develop its own clientele capitalizing on improved research skills as well as better operational capabilities.
David Goldfarb, managing director of GEMS Investment Research, said: "We are very happy to have concluded this acquisition that reinforces our research and international distribution capabilities."
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