UBP to buy Paris-based alternatives group Nexar

Wed Feb 29, 2012 8:57pm IST

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* UBP open to more acquisitions

* Bank bought ABN Amro Switzerland in August

ZURICH Feb 29 (Reuters) - Swiss private bank Union Bancaire Privee (UBP) said on Wednesday it had signed a definitive agreement to buy Paris-based fund of hedge funds group Nexar as it seeks to rebuild assets managed after they halved during the financial crisis.

UBP, which also bought ABN Amro's Swiss bank in August adding 11 billion Swiss francs ($12.25 billion) to its asset base, remains on the lookout for further buys.

"We are open to evaluate any new potential acquisitions," said spokesman Jerome Koechlin by telephone.

The financial terms of the deal, which is subject to regulatory approvals, were not disclosed. The bank said it expected to close the deal, which Reuters flagged last November, in April.

Nexar, which has offices in London, Jersey and New York, had around $3 billion in assets at the end of 2011.

($1 = 0.8977 Swiss francs) (Reporting by Martin de Sa'Pinto; Editing by Elaine Hardcastle)