Union Bancaire Privee, the Geneva-based manager that reorganized after clients lost money with Bernard Madoff, agreed to buy Nexar Capital Group for an undisclosed sum.
Nexar, an alternatives investment manager based in Paris and New York, had about $3 billion of assets under management at the end of last year, UBP said Thursday in an e-mailed statement.
The purchase will bring UBP's managed assets in the hedge fund area to 13 billion Swiss francs ($14.5 billion), said Jerome Koechlin, a spokesman for the firm. The deal should close by the end of May, subject to regulatory approval, he added.
“UBP strongly believes in the important role of funds of hedge funds,” the firm said in the statement.
UBP oversaw total assets of 72 billion francs at the end of December after acquiring ABN Amro Group NV's Swiss wealth management unit.
