HVB Group and Ramius Capital form USD 3 billion partnership
Germany's HVB Group has formed a strategic partnership with NY-based Ramius Capital Group combining the two firms' respective hedge fund of funds management businesses.
Stefan Jentzsch, member of HVB Group's Board of Managing Directors, said: "This represents an excellent fit of complementary investment capabilities as well as existing client bases, creating a global hedge fund of funds business, responsive to the needs of both institutional and private investors on a worldwide basis."
The partnership is expected to begin consolidated activities on 1 January 2004, with combined assets of approximately USD 3 billion.
An executive management committee will be formed, consisting of senior members of both firms to be headed by Thomas W. Strauss, a Managing Member of Ramius Capital. The new entity will capitalize on the evolving needs of the global institutional community within this rapidly growing segment of the market.
Thomas W. Strauss said: "Ramius Capital Group is extremely pleased to be working with HVB Group. This combination of capabilities allows the partners to address not only the dramatically changing regulatory environment in Germany, but also the growing markets in both Europe and the US."
The new entity will provide a flexible and scaleable platform in the areas of fund research and due diligence, risk management, legal and regulatory knowledge, and client service and reporting. Through the senior management's extensive experience, the partnership will have a significant expertise in providing structured product solutions to address specific portfolio or regulatory requirements.
The new partners have already enjoyed a longstanding and productive relationship through the 24.9 % equity position in Ramius Capital Group held by Bank Austria Creditanstalt - a subsidiary of HVB Group. The new venture will not affect the equity ownership position held by Bank Austria Creditanstalt in Ramius Capital Group.
Ramius Capital Group is a privately owned investment management firm that manages in excess of USD 4 billion of multi-strategy absolute return assets, of which USD 1 billion are dedicated to their fund of funds business. Through its predecessor companies and affiliates, the firm has provided discretionary investment management and advisory services since 1994 to US and international institutions and private investors.
HVB Group manages approximately €2 billion in customer assets dedicated to hedge funds activities. Its range includes products for institutional investors (about 80 % of investment volume) and for private investors (about 20 % of investment volume).
copyright hedgeweek 2003
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