Swiss bank Mirabaud will buy a 30% stake in
investment adviser Prosper.
The two institutions are going to jointly
manage a €100m ($134m) multi-manager Undertakings for
Collective Investment in Transferable Securities (UCITS) fund
in Luxembourg.
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The partnership, which is due to start on 15
December, is part of Mirabaud’s strategy to boost its alternative
asset division.
20% of Mirabaud AuM in hedge
funds
Mirabaud currently has about CHF5bn ($5.1bn)
invested in hedge funds and CHF24bn in assets under management
globally.
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By GlobalDataThe UCITS III fund, based around 12
alternative and absolute return asset managers, is likely to total
almost €100m ($134m) in volume by the end of 2010, the bank
said.
UCITS are open-ended funds investing in
transferable securities that can be marketed anywhere in the
European Union.
Fund managed by ex-Oyster fund
heads
The new fund is geared towards professional
and private clients and will initially be available on the Swiss,
French and Spanish markets, subject to regulatory approval.
Prosper specialises in investment advisory and
the marketing of collective investment schemes for professional
clients.
It was founded by Riccardo Barilla and Thierry
Robin, former chief executive and head of sales of the Oyster fund
range.
Oyster is the fund family of the Swiss
banking group SYZ & CO.
