Thursday, 31 July 2014
Last updated 37 min ago
Jun 28 2011 | 9:26am ET
Hong Kong’s Sunwah financial group plans to buy the Energy and Octane funds from troubled hedge fund manager RAB and may also pick up an 80% stake in the hedge fund platform PCE Investors.
Reuters reports that Sunwah International, backed by the Choi family, has agreed to buy the RAB funds, which have about $300 million in assets. RAB announced last week it would be de-listing in the wake of serious, post-crisis redemptions.
The group is also eyeing a majority stake in PCE, a platform providing infrastructure to startup hedge funds which has seen its assets fall from $1.6 billion in 2009 to $550 million.
"These transactions provide confirmation of Sunwah's business plan to become a leading global funds platform," Sunwah CEO Doug Betts said in a statement.
Reuters cites a source “familiar with the matter” as saying Sunwah has found an Asian-based asset manager to put $50 million in the Energy and Octane funds (to be renamed Sunwah Energy and Sunwah Octane) and to provide $200 million to replace money withdrawn by investors who choose to cash out.
The Sunwah Group is a large conglomerate that includes seafood, real estate and technology.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…