NEW YORK (–Citco Group rebranded its hedge funds of funds operations as Richcourt Group, which previously was the name for just its funds.

Richcourt Group, which manages US$1.2 billion, stands alongside Citco’s other major divisions, Citco Fund Services, Citco Banking and Custody Services, and Citco Corporate and Trust Services. The firm continues as a 100% owned company of Citco Group, which in turn is majority owned by the Swiss Sandoz Family Foundation, according to a statement from Citco.

Richcourt manages two Swiss hedge funds, both of which were launched in January, and four British Virgin Island-domiciled funds, said Pantelis Apessos, head of research for Richcourt Fund Advisors, the unit’s research and asset allocation arm. The other arm is Richcourt Capital Management, a fund management company. Ermanno Untern?hrer is the head of Richcourt Group.

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