July 6, 2020 / 5:54 AM / a month ago

Rothschild & Co to transfer its hedge fund business to Candriam

LONDON (Reuters) - Rothschild & Co Asset Management Europe plans to transfer its entire hedge fund business worth 350 million euros (£315 million) to global asset manager Candriam, a spokeswoman representing both companies told Reuters on Monday.

The transaction, which will include the alternative investment “fund of funds” and a micro-finance unit, will take Candriam’s hedge fund assets to 600 million euros, the spokeswoman said.

Candriam has approximately 130 billion euros in assets under management, putting it among the world’s largest asset managers, while Rothschild manages more than 21 billion euros.

The deal will help Candriam enter a new development phase in the alternative investment space, which should prove particularly appealing to investors in the current environment, Deputy Chief Investment Officer Fabrice Cuchet said in a statement.

($1 = 0.8890 euros)

Reporting by Maiya Keidan, Editing by Sherry Jacob-Phillips

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