Hamburg-based fund manager Immac is combining with global asset manager Arundel and sister company HKA Hanseatische Kapitalverwaltung to create a group with around €10 bn assets under management.
The reverse merger will enable Immac to use Arundel's real estate and energy sector contacts in the US for its mutual funds business, to offer new, high-quality funds to private investors, the German firm said.
To date, Arundel has acquired and managed capital from institutional investors and family offices from the US and Asia for investments in real estate in Europe.
'Except for the expansion of Immac's business in the US and HKA's acquisition of parts of Arundel's institutional business, there will be no change either at the level of the directors, the management team or the staff,' said Marcus H. Schiermann, managing director of Profunda Vermögen, parent company of Immac and HKA.
The new group will have locations in Zurich, London, New York, Dallas, Dublin, Graz, Hamburg and Mauritius.
The transaction is expected to close by year-end.
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