Cedrus Investments acquires Global Crown Capital's institutional business. Cayman Islands-based Cedrus Investments has acquired the institutional business of San Francisco-based Global Crown Capital.

Financial details of the transaction weren't disclosed.

Cedrus -- which provides wealth- and asset management services, investment-banking advisory services and institutional sales, trading and prime-brokerage services to institutions, corporations, family offices and high-net-worth individuals around the world -- says the acquisition immediately plugs it into 85 economic markets worldwide.

Close enough

But Cedrus declined to say more specifically its ultra-high-net-worth clients would benefit from the transaction.

Cedrus has only been in business for a couple of months . Its founder, chairman and managing director Rani Jarkas also founded Global Crown Capital, in 2001.

Prior to the transaction with Cedrus, Global Crown Capital provided investment advice, brokerage, and asset management services -- to individuals, corporations, governments, endowments, and foundations. Now it'll focus exclusively on providing wealth- and portfolio-management services, hedge-fund and mutual-fund services, and risk-management advisory services to its individual private clients, according to Cedrus' general counsel Melvin Patterson.

Global Crown Capital opened an office in New York last fall with a view to expanding its global-equity research, wealth-management, and institutional trading businesses.

Cedrus uses Deutsche Bank 's clearing, custody and securities-lending services. -FWR

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