Nexar Capital Group has acquired alternative asset management group Ermitage Ltd. from Caledonia Investments plc. Financial terms of the deal were not released. Berkshire Capital Securities acted as financial adviser to Ermitage. Ermitage has operations in London, Jersey and New York.
Nexar Capital Group SCA (“Nexar”), a global alternative investment manager, today announced the acquisition of Ermitage Limited (“Ermitage”), one of Europe’s pioneering alternative asset management organizations, from Caledonia Investments plc.
Founded in 1975, Ermitage has successfully served its long standing client base with a diverse offering of innovative investment solutions, which include customized hedge fund portfolios, multi- and single manager hedge funds as well as wealth management services. Ermitage has also developed OPTICS, a highly advanced portfolio construction and risk management software tool.
Ian Cadby, Chief Executive Officer of Ermitage said, “We are excited to be joining Nexar’s accomplished team and share their vision for building a premier alternative investment manager focused on alpha generation, risk management, transparency and innovation together with a strong institutional infrastructure. Over recent years, Ermitage has made significant advances as an innovative solutions provider, a specialist area we are now better placed to expand thanks to our combined resources and market reach.”
“Ermitage’s world class capabilities in delivering customized portfolios and services to sophisticated investors complements Nexar’s proven investment and risk management processes,” said Eric Attias, Founding Partner and Chief Investment Officer of Nexar. “Furthermore, Ermitage’s UK-based expertise and network will benefit Nexar’s fund of hedge funds group located in New York and Paris.”
Nexar Founding Partner and Chief Executive Officer Arie Assayag added, “As Nexar continues to invest selectively in order to build a leading independent alternative investment platform, Ermitage represents a well regarded investment manager and a valuable addition. We are pleased to welcome Ermitage’s team to the Nexar Capital Group and we believe the synergies of Ermitage and Nexar will create a dynamic global group capable of meeting investors’ varied needs.”
The transaction, the terms of which were not disclosed, is subject primarily to requisite regulatory approvals. Berkshire Capital Securities Ltd acted as financial adviser to Ermitage in this transaction.
About Nexar Capital Group SCA
Nexar Capital Group is a global alternative investment manager founded by Arie 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.
About Ermitage Limited
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.