The alternative investment manager Nexar Capital Group, which has offices in New York and Paris, has bought Allianz Alternative Asset Management from Allianz France and Allianz Global Investors Europe.

AAAM has been offering fund of hedge funds since 1981, under the leadership of Jean‐François Vert, who will move with his team onto Nexar’s platform.

Nexar's founding partners, chief executive officer Arié Assayag and chief investment officer Eric Attias, have said that AAAM’s funds are a valuable addition to Nexar’s investment services and AAAM's European‐based expertise and network complement Nexar's fund of hedge funds group, which is primarily located in New York.

Assayag added: “This transaction is a significant milestone in our strategy of becoming one of the leaders in the alternative industry.”

Nexar’s strategic partnership with the New York-based private equity firm Aquiline Capital Partners has positioned Nexar to act as a consolidator in the fragmented fund of hedge funds industry.

The transaction, the terms of which were not disclosed, has received the necessary regulatory approvals.