Saturday, 20 December 2014
Last updated 1 day 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Energy and Octane funds (to be renamed Sunwah Energy and Sunwah Octane) and to provide $200 million to replace money withdrawn by investors who choose to cash out.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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.