US - Oppenheimer Acquisition Corporation (OAC) has added to its hedge fund advisory capabilities with acquisition of alternatives firm Tremont Advisers.
The deal forges Rye-headquartered Tremont with OAC subsidiary OppenheimerFunds, OAC’s asset management arm. Tremont - which will operate as an independent, wholly owned subsidiary of OAC - will leverage off Oppenheimer’s distribution network. OAC gains Tremont’s three core businesses - advisory services, research, and alternative investment products.
Tremont shareholders will receive $19 per outstanding share of Tremont stock.
OAC, the parent of OppenheimerFunds, is a subsidiary of MassMutualFinancial Group. The company and its subsidiaries manage assets of over $115bn. Tremont has over $8bn in alternative investments and manages more than $1.5bn. The firm has has offices in Toronto, Bermuda and London.
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