OppenheimerFunds has agreed to buy Tremont Advisers, a Rye, New York-based hedge fund firm. The deal, which offers $19 per share in cash, is expected to close in the beginning of the fourth quarter. In May, Tremont reported 6.98 million outstanding A- and B-class shares, making the deal worth $132.62 million in total.

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.

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