OppenheimerFunds, the US mutual fund provider, is set to move into hedge fund distribution in the US, Asia and Europe following its acquisition of Tremont Advisers, the alternative investments house.

Tremont Advisers, which has a growing London-based European franchise Tremont TASS (Europe) as well as strong US interest in its fund-of-funds approach to alternative investments, will give OppenheimerFunds new vehicles to distribute through its established intermediary network. Oppenheimer is a traditional asset management house with more than $120bn (€139bn) in assets under management.