Europe’s largest third-party fund management company, Carne Group, confirmed its purchase this week of The Asset Management Exchange (AMX), following all of the required regulatory approvals.
Following the deal, it is estimated that Carne’s third-party fund management company will manage more than $300 billion in assets with over $2 trillion in its proprietary technology, CORR.
AMX is thought to have an asset pool of approximately $60 billion on its platform.
Led by Oliver Jaegemann over the last six years, AMX has grown as an institutional platform that offered a wide variety of alternative asset management products and boasted an 80-person team. The deal was struck for Carne to purchase the platform from Willis Towers Watson, earlier this year. The purchase price has not been disclosed.
Jaegemann joins Carne as a result of the sale.
“We are delighted to welcome AMX into the Carne family,” said John Donohoe, group chief executive of Carne, in a statement. “Together, the combined business will be able to offer a wider choice of products and services, as well as more connections between an increased number of asset managers, institutional investors and service providers.
As a result of the deal, Willis Towers Watson will take a minority stake in Carne. Officials have said that the AMX platform will complement Carne’s service offering, which includes a third-party management company, due diligence, distribution and technology platforms.