Mergers & Acquisitions / Joint Ventures

UBP buys $3bn Nexar to boost FoHF business


Union Bancaire Privée (UBP) has announced a definitive agreement to acquire Nexar Capital Group, the fast-growing fund of hedge fund group that was set up in 2009 by senior former SocGen executives, in a bid to boost its flagging fund of fund business.

The terms of the deal were not disclosed. However, the transaction looks designed to reinvigorate UBP’s fund of hedge fund business – which, while still substantial, has taken a big hit in terms of size and credibility since the Madoff fraud was exposed in 2008.

With some $11.6 billion in FoHF assets, UBP has experienced