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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Ermitage Limited
  • Nexar Capital Group SCA
  • Hedge Fund Of Fund
  • May 3, 2011
  • $1.1 Billion

Seller Details

Founded in 1975, Ermitage Limited is an alternative asset management organization with operations in London, Jersey and New York. Led by Ian Cadby, Ermitage manages a diverse offering of innovative investment solutions, which currently include customized hedge fund portfolios, multi- and single manager hedge funds as well as wealth management services, on behalf of its global clients.
 
Since 2006, Ermitage has become increasingly focused on its investment solutions capability, providing a highly advanced customized portfolio service alongside a comprehensive range of intelligently designed multi- and single manager hedge funds. Ermitage has also developed OPTICS, a highly advanced portfolio construction and risk management software tool.

Buyer Details

Nexar Capital Group is a global alternative investment manager founded by Arié Assayag, Eric Attias, Bernard Kalfon and other partners. With offices in New York and Paris, Nexar specializes in engineering alpha to meet investors’ objectives through active portfolio management in a variety of innovative solutions. Nexar manages funds of hedge funds and volatility arbitrage funds, both also available in UCITS III formats, as well as custom portfolios and other alternative products.

Upon its formation in September 2009, Nexar established a strategic partnership with Aquiline Capital Partners, a New York-based private equity firm focused exclusively on financial services, in order to position Nexar to act as a consolidator in the fragmented fund of hedge funds industry. In September 2010, Nexar acquired Allianz Alternative Asset Management, one of the leading alternative investment managers in the European fund of hedge funds industry.

Transaction Summary

Nexar Capital Group SCA (“Nexar”), a global alternative investment manager, announced the acquisition of Ermitage Limited (“Ermitage”), one of Europe’s pioneering alternative asset management organizations, from Caledonia Investments plc.  Terms of the transaction were not disclosed.
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