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Benedicte Gravrand, Opalesque Geneva:
Union Bancaire Privée (UBP), a private bank with a fund of hedge funds unit, signed a definitive agreement to acquire Nexar Capital Group, a global alternative investment manager.
According to today’s announcement, "the combined UBP-Nexar alternative investment group will boast a broader platform, established global distribution capabilities and innovative solutions in the alternatives space. It will have offices in Geneva, New York, London, Paris, Jersey, Tokyo and Hong Kong and form a new division reporting to UBP’s CEO Guy de Picciotto."
Reuters said in November 2011 that UBP and Nexar were conducting negotiations.
Arie Assayag, head of Nexar Capital, will take over UBP’s $12bn alternative investment business once UBP closes on its acquisition of Nexar, Hedge Fund Alert reported.
UBP is a pioneer in the alternative investment industry, having been in the space since the 1970s; it launched its first fund of hedge funds (FoHFs) in 1986. Over the years, it has built up a hedge fund advisory service and runs several pooled funds and mandates. The bank had CHF72bn ($77bn) in AuM at the end of 2011.
But the Geneva-...................... To view our full article Click here
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