BBVA is moving into the hedge fund industry through a tie-up with Vega Asset Management, one of the best-known managers in the alternatives business, with about $11 billion in assets under management.
The two companies intend to launch an alternative investment company, Proxima Alfa Investments, by the summer. Vega will be separating its hedge fund incubator, VegaPlus, from its hedge fund business to provide the platform for the new company, in which it will hold a 49% stake.
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