Nexar Capital Buys Allianz Alternative Asset Management
14 September 2010 - 12:20AM
Dow Jones News
Global alternative investment manager Nexar Capital Group SCA
said Monday it bought Allianz Alternative Asset Management, adding
European-based expertise and network to Nexar's primarily New
York-based funds-of-hedge-funds business.
Nexar didn't mention the amount it paid for the transaction. Its
assets under management and advice will be around $3 billion after
the acquisition.
Allianz Alternative Asset Management was owned by units of
Allianz SE (ALV.XE, ALIZF), including Allianz France, its global
insurer on property and casualty, and life and health insurance.
Jean-Francois Vert, who has been leading Allianz Alternative Asset
Management's fund-of-hedge -funds business, will also move to
Nexar's platform with his team.
Nexar, which manages funds of hedge funds and volatility
arbitrage funds, said its strategic partnership with New York-based
private equity firm Aquiline Capital Partners has positioned it to
act as a consolidator in the fragmented fund-of-hedge-funds
industry.
"The combination of Allianz Alternative Asset Management and
Nexar validates our view that the industry is ready for
consolidation," said Aquiline's Chief Executive Jeff Greenberg.
-By Amy Or, Dow Jones Newswires; 212-416-3142;
amy.or@dowjones.com