(Reuters) - U.S. private equity firm Carlyle Group LP and asset manager OppenheimerFunds Inc will form a joint venture to provide wealth management services to rich investors in the United States, the companies said on Monday.
Kamal Bhatia, the head of investment solutions for OppenheimerFunds, and Mark Jenkins, the head of global credit for Carlyle, will lead the joint venture when it begins operations next year.
Carlyle and Oppenheimer join a long list of firms, including Citigroup, Bank of America and Morgan Stanley, that are trying to lure the rich and the super-rich in an attempt to boost revenue and lower their reliance on more traditional businesses such as trading.
The new venture will provide long-term income strategies to high net-worth investors, initially focusing on investments in credit, direct lending, distressed transactions, among other areas, Carlyle and OppenheimerFunds said.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar