Reuters – Swiss bank Vontobel (VONN.S: Quote, Profile, Research) plans to purchase a 56percent stake in hedge fund firm Harcourt Investment Consulting AG for 80 million Swiss francs ($62.40 million) to expand its activities in the fast-growing field.
Vontobel on Thursday said the purchase would enable it to offer Harcourt’s investment products, which include an array of funds of hedge funds, to its institutional and private clients. Harcourt has 4.1 billion francs in assets under management.
“The acquisition gives us the opportunity to really exploit the growth in the hedge fund of funds business,” group Chief Executive Herbert Scheidt told Reuters by telephone. “The focus here is very much on growth — growth that is enhancing returns.”
