Switzerland’s Union Bancaire Privée (UBP) has
signed a deal to acquire alternative investment manager Nexar
Capital Group, saying the acquisition demonstrates its “ongoing
commitment” to the alternative investment industry.
The combined UBP-Nexar alternative investment
group will form a new division reporting to UBP’s CEO Guy de
Picciotto. It will have offices in Geneva, New York, London, Paris,
Jersey, Tokyo and Hong Kong
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Nexar Capital Group had approximately $3bn in
assets under management as at 31 December 2011. It manages funds of
hedge funds and volatility strategies, as well as overlay and
customised portfolio solutions. Nexar’s subsidiaries include AAAm
(formerly Allianz Alternative Asset Management) and Ermitage.
Explaining the background to the acquisition,
UBP said it strongly believes in the important role of funds of
hedge funds in meeting each client’s objectives with respect to
dynamic and performing portfolios.
Nexar was founded in 2009 by global CEO Arie
Assayag, global CIO Eric Attias and head of volatility strategies,
Bernard Kalfon.
The terms of the acquisition were not
disclosed and the agreement is subject to the requisite regulatory
approvals.
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