Nexar Capital Group, an alternative investment manager, has acquired Allianz Alternative Asset Management from Allianz France, its majority shareholder, and Allianz Global Investors Europe.
Since 1981, Allianz Alternative Asset Management has been providing its clients with a variety of fund of hedge funds under the leadership of industry veteran Jean François Vert (pictured), who will transition onto Nexar’s platform along with the Allianz Alternative Asset Management team.
Nexar’s founding partners Arié Assayag and Eric Attias believe Allianz Alternative Asset Management’s funds are a valuable addition to Nexar’s investment services, while its European-based expertise and network complement Nexar’s fund of hedge funds group, which is primarily located in New York.
Assayag says: “We welcome AAAm’s teams to the Nexar platform. AAAm will be an important part of our group and reinforces our capabilities in Europe. This transaction is a significant milestone in our strategy of becoming one of the leaders in the alternative industry.”
Nexar’s partnership with New York-based private equity firm Aquiline Capital Partners has positioned Nexar to act as a consolidator in the fragmented fund of hedge funds industry.
"We are pleased that the Nexar team’s strength in alpha generation continues to be recognised, and the combination of AAAm and Nexar validates our view that the industry is ready for consolidation," says Aquiline’s chief executive Jeff Greenberg.
The transaction, the terms of which were not disclosed, has received requisite regulatory approvals.