New-York based financial services firm Bear Stearns has acquired London-based Crane Capital Associates, a specialist in raising money for private equity and real estate investment funds. The terms of the deal have not been disclosed.
New-York based financial services firm Bear Stearns has acquired London-based Crane Capital Associates, a specialist in raising money for private equity and real estate investment funds. The terms of the deal have not been disclosed.
Bear Stearns said the acquisition is in line with the company's expansion strategy which is intended to reduce its reliance on the US market. 'Crane Capital's significant presence outside the US will greatly enhance Bear Stearns' global platform and build on its capabilities in the private placement market', commented Bear Stearns Asset Management chairman and ceo Richard A. Marin.
Crane has several offices across Europe and is an international specialist for alternative asset managers involved in real estate, buyouts and venture capital. Crane is also keen to strengthen its presence in the European market, as capital markets growth in Europe is expected to continue to outpace growth in the US. The company has set up a new European headquarters in Canary Wharf, headed by Leo van den Thillart, former senior managing partner of Crane Capital. The new group Bear Stearns Private Fund will also have a New York headquarters headed by Paul Sanabria, senior managing director at Bear Stearns Asset Management.
Crane, established in 1999 in Toronto and London, has raised billions for many of the largest private equity groups in the US and Europe. Most of the money has come from big institutions including pension funds, newspaper Financial Times reported.
