Nexar Capital Group SCA, a Paris-based alternative investment manager, bought Allianz Alternative Asset Management from Allianz France and Allianz Global Investors Europe.

Allianz Alternative Asset Management has offered fund of hedge funds since 1981. The company’s funds are expected to compliment Nexar’s fund of hedge funds group, which is primarily located in New York.

Allianz Alternative’s top executive, Jean-François Vert, will transition onto Nexar’s platform with his team. Nexar, which specializes in engineering alpha to meet investors’ objectives through active portfolio management in a variety of solutions, has offices in New York and Paris. Nexar manages funds of hedge funds and volatility arbitrage funds, both also available in UCITS III formats, as well as custom portfolios.

The price of the deal, which closed Monday, was not disclosed.

Nexar’s strategic partnership with New York-based private equity firm Aquiline Capital Partners has positioned Nexar to act as a consolidator in the fund of hedge funds industry. "We are pleased that the Nexar team’s strength in alpha generation continues to be recognized, and the combination of AAAm and Nexar validates our view that the industry is ready for consolidation," said Jeff Greenberg, Aquiline's chief executive officer.