Robeco announced today that it will acquire Sage Capital Management L.L.C., a hedge fund of funds investment manager, based in White Plains, NY, USA. The terms of the transaction were not disclosed.
Sage currently manages approximately USD 300 million for a combination of high net worth and institutional investors. Sage, founded in 1994, has a unique, long-standing performance track record. Robeco, founded in 1929, is one of Europeâ€™s most prestigious asset managers, with assets under management of EUR 104.5 billion.
Sage, which will be renamed Robeco-Sage, will report to a newly formed entity, Robeco USA, which will also include other U.S. subsidiaries of Robeco involved in the institutional and high-net worth business. Nassos Michas will head Robeco USA.
Ronald Tauber, CEO of Sage, commented on the transaction, 'We are very excited about the opportunity to serve as Robecoâ€™s center of competence for hedge fund of funds management as Robeco strives to be a presence in the alternative investment arena.' Robert Friedman and Peter Levy, key principals at Sage, echoed his sentiment.
GÃ©ry Daeninck, CEO of the Robeco Group, said, 'We feel this is an excellent combination. The acquisition of Sage allows Robeco to enter an area of the market not previously available to our US based clients. Sage will become RobecoÂ's center of competence for the selection and monitoring of hedge fund managers for global hedge fund of funds products.' Mr. Daeninck added, 'With the creation of Robeco USA, we will be able to offer a comprehensive range of products and services to institutional clients in the US, where we already have a significant presence from our prior acquisition of Weiss, Peck & Greer.'
Sander van Eijkern, head of Alternative Investments at Robeco added, 'After careful analysis, we are convinced that the acquisition of Sage will contribute to the realization of our strategic goals in the alternative investment business.'
Robeco currently manages in excess of EUR 5 billion in alternative investment products. Putnam Lovell advised Sage. Robeco did not retain an investment adviser.
Robeco provides discretionary asset management products and services as well as a complete range of mutual funds to a large number of institutional and retail clients worldwide. Robecoâ€™s range of products encompasses domestic and international fixed income and equity investments (including global, regional, sector, country specific, and emerging markets), as well as balanced accounts, money market funds and alternative investments.
Robeco distributes its funds for the retail market directly, and through other financial institutions. Several of its mutual funds, including the flagship Robeco, are listed on major European stock exchanges such as Amsterdam, Paris, Frankfurt and London.
As well as from its headquarters in Rotterdam, the Netherlands, Robeco services its clients from European offices in Belgium, France, Germany, Luxembourg, Switzerland, and Spain and US offices in New York (Weiss, Peck & Greer) and Toledo, Ohio (Harbor Capital Advisors).
Robeco is the center for asset management with operational independence within the Rabobank Group. Rabobank is the only non-government related bank in the world rated AAA by all major rating agencies.