Union Bancaire Privee (UBP) is in merger discussions with French alternative asset manager Nexar Capital Group, Reuters reports. Based in Geneva, UBP is a Swiss asset management bank for both private and institutional clients that may be looking to merge Nexar with its fund-of-hedge-funds (FoHFs) unit.
Both parties declined to discuss the transaction. UBP’s FoHF assets dropped from £39 billion in June 2008 to $18.845 billion in two years. The merger proposal comes after UBP’s acquisition of ABN Amro Bank (Switzerland) for an undisclosed amount. Nexar’s assets rose to $3.7 billion after it bought German insurer Allianz’s FoHF arm in 2010.
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