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US hedge fund Fairfield, Swiss private bank merge

Reuters – U.S. hedge fund Fairfield Greenwich Group has merged with Swiss private bank Banque Benedict Hentsch, bringing their combined assets under management to more than $18 billion.

The deal will allow Fairfield’s clients to access Banque Benedict Hentsch’s (BBH) suite of wealth management services and provide it a broader base of operations within Switzerland, according to a letter by Fairfield founding partner Andres Piedrahita to investors.

BBH gains added products and infrastructure support from the deal and the combined company will try to grow the private bank, the companies said in a statement.

The terms of the deal were not disclosed.

Geneva-based BBH, which was founded in 2004, serves institutional and private clients in areas such as banking, securities, foreign exchange, tax and estate planning, they said.

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