Monday, 4 May 2015
Last updated 6 hours 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Energy and Octane funds (to be renamed Sunwah Energy and Sunwah Octane) and to provide $200 million to replace money withdrawn by investors who choose to cash out.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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…