Marking its exit from the fund of
hedge funds management sector, Allianz has sold Allianz Alternative
Asset Management (AAAM) to hedge fund management company Nexar
Capital Group for an undisclosed sum. AAAM, which was founded in
1981, is to be sold out of Allianz France, its majority
shareholder, and Allianz Global Investors Europe.
Nexar was founded in 1999 by three
former executives of Société Générale’s alternative and has as its
strategic partner Aquiline Capital Partners, a New York-based
private equity firm. Aquiline has positioned Nexar to act as a
consolidator in the fragmented fund of hedge funds industry.
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Nexar CEO Arié Assayag said: “This
transaction is a significant milestone in our strategy of becoming
one of the leaders in the alternative industry.”
Aquiline CEO Jeff Greenberg
commented that Nexar’s acquisition of AAAM validates Aquiline’s
view that the industry is ready for consolidation.
