US – Tremont Advisers, the alternative investment and hedge fund advisory firm has been bought out by Oppenheimer Acquisition Corp, the parent company of OppenheimerFunds, which currently has $120bn (€140bn) in assets under management.

Tremont says the merger will provide it with a greater opportunity to tap the institutional and high net worth markets.

Under the terms of the agreement, Tremont will become an independent wholly owned subsidiary of Oppenheimer.

John Murphy, chairman and CEO of OppenheimerFunds, says: “We believe Tremont’s multi-manager, funds of funds approach to hedge fund investing will appeal to many of our high-net-worth shareholders.”

Tremont currently advises on more than $8bn in alternatives, whilst managing over $1.5bn of client assets in propriety funds.

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