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European fund managers form $3 billion hedge fund venture

Reuters – Paris-based investment firm La Francaise and Anglo-Italian hedge fund manager TAGES Capital are combining assets to form a European fund of hedge funds joint venture.

Under the terms of the agreement, La Francaise is taking a 40 percent stake in London hedge fund manager TAGES Capital and will hand over control of its $1 billion in assets to form a $3 billion multi-manager business, the companies said on Tuesday.

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