Alternatives money managers Kenmar Group and Olympia Group of Cos. have agreed to merge in a deal expected to close in July, subject to legal and regulatory approval, confirmed Alison Schwab, Kenmar's senior vice president and director of marketing and investor services.
The new firm will be named Kenmar Olympia Group and will manage $3.3 billion in assets.
Details of the deal are not being disclosed, Ms. Schwab said.
Kenmar founders Kenneth A. Shewer, chairman and co-CEO, and Marc S. Goodman, president and co-CEO, will serve as co-executive chairmen and global co-chief investment officers of Kenmar Olympia Group. Messrs. Shewer and Goodman have worked together as co-CIOs since Kenmar's founding in 1983.
Sergio Heuer, currently president and CEO of the Olympia Group, will become president and CEO of the combined firms.
Kenmar currently manages $1.9 billion in commingled and customized hedge funds of funds and hedge fund managed accounts. Olympia Capital Management, the investment management arm of Olympia Group, manages $1.4 billion in commingled and customized hedge funds of funds and mutual funds of funds. About 75% of Kenmar's assets and about 28% of Olympia Capital's assets are managed for institutional investors.