Oppenheimer is clearly setting up camp in the high net worth sector; in today's Financial Times, new CEO John Murphy stated that his first priority is to expand the firm's separate account business and his second priority is to expand into hedge funds.
Tremont will become a wholly-owned subsidiary of Oppenheimer. Sandra Manzke, chairman and co-CEO, and Robert Schulman, co-CEO, will continue to run the company.
'The combination of
While Tremont is known for developing products, it has only recently ventured into a more comprehensive distribution strategy, according to a Tremont spokesperson. With the acquisition, the firm will be able to leverage Oppenheimer's considerable distribution as well as facilitate the development of new products, particularly fund-of-funds.
'We believe Tremont's multi-manager, funds-of-funds approach to hedge fund investing will appeal to many of our high-net-worth shareholders,' said Murphy, in a statement. 'Tremont's unique product offerings in combination with our distribution network will open up the world of alternative investing to a new segment of investors.'