Senior bankers from the alternative asset management team of Societe Generale (SocGen) have come out of its $12.7 billion global hedge funds business, to launch their own hedge fund venture with help from the US-based private equity firm, Aquiline partners – reported The Financial Times.
Reportedly, some 30 senior bankers, including the head, Arie Assayag, have taken the decision against the backdrop of increasing pressure and public outcry in France to restrain bonuses of top banking executives.
The new hedge fund business, called as Nexar Capital, will be headed by Mr. Assayag, with Eric Attias, the former CEO of SocGen’s New York Asset Management business, as its chief investment officer. It has been reported that the new venture will have headquarters in Paris with an office in New York.
Acquiline is expected to back the new venture with a significant pool of cash. Sources familiar with the situation said that Nexar would look for opportunities to buy ‘fund of funds’ businesses. Nexar aims to raise appoximately $10 billion over the next five years and also run its own volatality hedge fund in the near future, reported the newspaper.
