Private bank Kredietbank Luxembourg has bought French fund boutique Aurel Leven Gestion for an undisclosed sum. KBL said in a statement the ...

Private bank Kredietbank Luxembourg has bought French fund boutique Aurel Leven Gestion for an undisclosed sum. KBL said in a statement the acquisition is designed to grow its business in France. Aurel Leven Gestion has just under €1 billion ($1.30 billion) in assets under management and specialises in absolute value funds—where managers are rewarded depending on how much they outperform cash. KBL said its focus for the future would be on growing assets under management to a significant level and developing its private client base.