Oppenheimer Snags Tremont

July 10, 2001 (PLANSPONSOR.com) - Oppenheimer Acquisition Corp., parent company of OppenheimerFunds, has signed a definitive agreement to acquire Tremont Advisers, an investment services provider specializing in hedge funds.

As of May 31, Tremont managed over $8 billion in assets in advised or administered accounts or through its 13 proprietary funds. The company is known for its manager of fund-of-funds hedge fund products – pooled funds that are allocated across different hedge fund strategies and managers.

In addition to its investment management and advisory services, Tremont – through Tremont TASS, its information services subsidiary – offers the TASS Database, which contains detailed profiles and performance data for more than 2,500 hedge funds and managers, representing some 90% of industry assets.

Tremont TASS also maintains the CSFB/Tremont Index.

The Deal

The Tremont board of directors approved the agreement, which provides for a $19 per share cash offer, subject to adjustment, on July 9, according to the company.

The transaction is expected to close in the beginning of the fourth quarter, subject to the satisfaction of certain closing conditions including shareholder approval and the receipt of required regulatory approvals.

Tremont employs 76 people, the majority of whom work in its Rye, New York headquarters. Tremont will operate as an independent subsidiary of Oppenheimer Acquisition Corp.

Oppenheimer Acquisition is a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual) and is a member of the MassMutual Financial Group.


 

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