Banks are natural buyers of [hedge funds and fund of funds]...We believe that 1) capacity bottlenecks, as well as the 2) ensuing necessity for large players to over-diversify will limit the kind of consolidation [among funds of funds] as occurred in the mutual fund industry, at least for the foreseeable future. However, we think that the acquisitions are testament that that the fund of funds business is entering its next phase of development.
Marcel Herbst, Director
Harcourt Investment Consulting
swissHedge Q4:2004
On Dec. 15, 2005, NIBCapital, a privately-held European investment bank, sold its 56% stake in Harcourt to Vontobel Holding AG, a private bank...listed on the Swiss Exchange.
