Alternative asset managers Gottex Fund Management and EIM Group are merging to create a business with nearly $10 billion (€7.3 billion) of assets under management.
Gottex shareholders will control 70% of the combined business and the chairman and chief executive of Gottex, Joachim Gottschalk, will become chief executive of the combined business, while EIM’s founder Arpad Busson will become non-executive chairman.
Gottex is paying EIM shareholders up to 14 million newly issued shares as part of the merger.
The firms say the merger will allow the companies to make efficiency savings of $10-12 million by combining offices and systems.
They say the combined business will have a larger platform, be better able offer clients a range of investment services from multi-asset, multi-manager and Asia-focused investments, to risk and infrastructure services.
“From a Gottex perspective, this is a natural step in its diversification and growth strategy,” says a company statement.
Gottex acquired Hong-Kong based fund of hedge fund firm Penjing in 2012 and multi-asset firm Frontier Investment Management, London in 2013.
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