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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Proxima Alfa Investment (USA) LLC - The Nayan Team
  • Nomura Asset Management U.S.A. Inc.
  • Hedge Fund
  • June 30, 2008
  • N/A

Seller Details

Dr. Rajiv Sobti and his fixed income/hedge fund team (the "Nayan Team") formerly of Proxima Alfa Investments (USA) LLC ("Proxima") will form Nomura Global Alpha LLC.

Buyer Details

Nomura is a leading financial services group and the preeminent Asia-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs about 18,000 staff worldwide. Nomura's unique understanding of Asia enables the company to make a difference for clients through five business divisions: domestic retail, global markets, global investment banking, global merchant banking, and asset management.

Nomura Asset Management U.S.A. Inc. ("NAM USA") specializes in providing investment management services to institutional investors and collective investment vehicles. Its client base includes pension plans, governmental agencies and investment funds operating in North America and Japan . NAM USA, a subsidiary of Nomura Asset Management Co., Ltd. (" NAM "), has registered with the U.S. Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940. NAM and its investment advisory subsidiaries are collectively referred to as Nomura Asset Management.

Transaction Summary

Nomura Asset Management acquired assets relating to a fixed income/hedge fund team at Proxima Alpha Investments (USA) LLC, also known as the Nayan team. Nomura purchased the management agreements, the right to employ each member of the team, the performance records of the funds, books and records and customer/client lists.

Nomura Asset Management U.S.A. Inc. ("NAM USA") formed Nomura Global Alpha LLC ("NGA"), a New York City-based venture focused on managing alpha-oriented fixed income products and solutions for both institutional and retail investors through the acquisition of the "Nayan Team" lead by Dr. Rajiv Sobti from Proxima Alfa Investments (USA) LLC ("Proxima"). The new venture commenced operations on July 1st 2008 and represents an important initiative to provide a broad range of products to Nomura Asset Management's existing and future global investors. Dr. Rajiv Sobti will head the team responsible for portfolio management and will be the Chief Investment Officer of NGA. The NGA portfolio team in New York City will work in close cooperation with the existing fixed income teams of NAM USA's affiliates based in Tokyo and London.

"This move represents an excellent opportunity for us to leverage our global platform and existing portfolio teams to offer our investors a broader set of investment strategies that will complement and enhance the achievement of their investment objectives. The capital markets in the US offer a very robust opportunity set and the new venture enables us to focus on these opportunities using a variety of approaches, with an emphasis on portable alpha products. I am confident that under Dr. Sobti's leadership these products, using state-of-the-art risk management approaches, will serve our investors well," said Mr. Shigeru Shinohara, President and CEO, NAM USA .

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