ZUG, Switzerland Partners Group, a Swiss investment management firm, is reorganizing its alternative investment management business.
The new private capital department will invest in private equity and real estate, while the private finance unit will invest in private infrastructure and private debt. A third department, alternative strategies, will include absolute-return strategies hedge funds and alternative beta strategies combined with certain other private market strategies and listed private equity, listed infrastructure and listed real estate investments.
Stephan Schali, partner and current head of private alternative investment strategies, also will head the private capital department. Rene Biner, partner and head of private debt investment management, will become head of the private finance department and join the executive board. Michael Barben, partner, will head the new private infrastructure unit within the private finance department.
The changes were included in the firm's earnings announcement, released Sept. 2. Net profits declined to 116.6 million Swiss francs ($105.3 million) for the first half of 2008 from 121.4 million francs over the same period last year. The losses included 1.4 billion Swiss francs in redemptions from its hedge funds.
As of June 30, the firm had 19 billion francs in private equity, 2.7 billion francs in private debt, 400 million francs in private real estate, 1 billion francs in listed alternative investments and 1.5 billion francs in hedge funds.