Investment bank and asset manager Richmond Park Capital has bought fund of hedge funds firm Olympia Group for an undisclosed price, Richmond Park said in a statement on Friday.

Paris-based Olympia, which is one of the oldest fund of hedge funds firms and runs more than $2bn in assets, was previously owned by Sagard Private Equity Partners and other shareholders.

The deal is subject to regulatory approval and closing conditions.

"In a context of consolidation of the fund of hedge funds sector, this transaction reinforces Olympia and provides enhanced access to the important UK market by associating with a growing player," said Rik Battey, partner at Sagard.

Richmond Park was set up by former Dresdner and Goldman Sachs bankers in 2009.