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Rothschild mulls purchasing US fund of funds business

Global independent financial advisory firm Rothschild is considering increasing the size of its fund of hedge funds business through an acquisition in the US.

Rothschild asset management arm chief executive Jean-Louis Laurens was quoted by Reuters as saying, "If you look at the U.S. fund of hedge fund business it’s fairly concentrated."

The company will purchase a smaller competitor firm to increase its own fund of funds assets under management to approximately $10bn, while broadening products offering to clients, Laurens added.

Having nearly €22bn ($28.8bn) under management in total, Rothschild & Cie Gestion has appointed New York-based Cambridge International Partners, to help find a suitable target.

Rothschild acquired HDF Finance for an undisclosed sum last year and the recent initiative is one step ahead towards getting more business opportunity in the US market.

Presently, the company manages nearly €5-6bn ($6.54-7.85bn) under management in its hedge fund business, which also comprises a small presence in New York-based funds of funds, as reported by the news agency.