FRANCE/US – Indocam, the asset management arm of France’s Crédit Agricole group, has entered into an agreement to buy Alternative Investment Partners (AIP), the Franco-American alternative investment management specialist, for an undisclosed sum.

The acquisition will strengthen Indocam’s existing Alternative Investment Products Group (AIPG), forming a total staff of 35 investment professionals managing in excess of $1.5bn in alternative assets.

Paris based AIP and its sister company, Chicago based Alternative Investment managers (AIM), currently manage assets of around $300m in the form of hedge funds and managed futures for a variety of European institutional clients.

Walter Clark, co-head of Indocam’s Alternative Investment Products Group, comments: “The acquisition is fantastic news for all concerned. It fits well with the business development strategy pursued by Indocam and its Alternative Investment Products Group, helping not only to consolidate our position as a leading player in the alternative investment business in Europe, but also raising our profile globally.”

Indocam’s AIPG manages assets of around $1.2bn and is best known for its range of fund of hedge funds marketed under the name of Green Way.

Following completion of the acquisition, Jean-Jacque Joulie and Laurent Surjon of AIP will join the management team of Indocam AIPG.