Mergers & Acquisitions / Joint Ventures

Nexar buys Ermitage

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Nexar Capital Group has bought Ermitage, a $1.09 billion funds of hedge funds group, from Caledonia Investments.

Ermitage, which has been for sale for a long time, was founded in 1975. It offers customised hedge fund portfolios, multi- and single-manager hedge funds as well as wealth management services, but it was OPTICS, a portfolio construction and risk management software tool, that caught the eye of the California Public Employees’ Retirement System.

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