Swiss Private Bank Buys Bermuda-based Hedge Fund

Swiss private bank EFG International has acquired all of the shares of Bermuda based hedge fund manager Capital Management Advisors from its founders, the bank said on Monday. No financial details were released, except that about half of the transaction

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Swiss private bank EFG International has acquired all of the shares of Bermuda-based hedge fund manager Capital Management Advisors from its founders, the bank said on Monday.

No financial details were released, except that about half of the transaction consideration is paid initially, with the remaining to be paid over a five-year period.

EFG, which has pursued a string of wealth management acquisitions in the past several years, said it expected the acquisition to contribute about 20 million francs to its 2006 net profits.

Bermuda-based CMA had 29 employees and assets under management of about 2.1 billion Swiss francs ($1.62 billion), as of December 2005. The firm covers more than 2,500 US, European and international hedge funds.

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