Wed, 09/07/2008 - 07:00
Diversified alternative asset manager Sciens Capital Management has concluded a definitive agreement to acquire the institutional investment management business of Atlas Capital Associates, comprising Atlas Capital, Sigma Capital Management (Guernsey), Atlas Capital Tokyo and Axis Capital Management (Bahamas). Subject to regulatory approval, the transaction is expected to be completed in September.
The deal will create an international investment management business with some USD4.8bn under management and advisory mandates and bring onto a single investment and marketing platform the Sciens funds of hedge funds and Atlas thematic products such as the Alternative Income Fund and the Discovery Fund.
Atlas's wealth management business, including Deltec Bank & Trust, a wholly-owned private bank in the Bahamas, is not part of the transaction. It will be retained by Atlas and continue to operate without change.
'We are very excited about the combination with Atlas as the companies are highly complementary from a product, geographical and management culture standpoints,' says Sciens chairman and chief executive John P. Rigas.
'Sciens has a presence in the US and manages broadly diversified funds of funds while Atlas is based in London and Guernsey and manages primarily thematic funds of funds that focus on one strategy or theme. The capability to offer both will allow the combined entity to provide unique solutions to our institutional clients.'
Says Atlas chairman and chief executive Hugues Lamotte: 'This merger provides long-term stability to the institutional investment management business of Atlas and will allow us to continue to provide differentiated investment services to our clients in the manner they have been accustomed to, a factor that for us was paramount in selecting a partner.'
New York-based Sciens Capital Management manages private equity, venture capital, real estate, aviation assets and funds of hedge funds assts for investors including financial institutions, family offices, private banks, foundations, endowments and pension funds.
Atlas is both a specialist manager of style-specific funds of funds and a wealth management firm. Established in 1994, Atlas has offices in London, New York, Tokyo, Rome, Guernsey and Nassau.
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