Monday, 22 December 2014
Last updated 1 hour ago
May 16 2012 | 12:36pm ET
Gottex Fund Management has agreed to buy a Hong Kong fund of hedge funds, nearly doubling its assets in Asia at a stroke.
The Swiss firm will pay an undisclosed amount of cash and up to 1.75 million Gottex shares for Penjing Asset Management. The Hong Kong firm has US$434 million in assets under management.
The combined Asia business will be called Gottex Penjing Asset Management. It will have about US$800 million in assets under management and more than 20 staffers, including Penjing founder Ronnie Wu, who will become a senior member of Gottex's executive and research committees.
"It will immediately provide Gottex with a full suite of Asia-based products and enable us to service our global clients taking exposure to the region," co-founder Max Gottschalk, who moved to Hong Kong last year, said. "At the same time, it gives us a strong presence in Asia, enabling us to engage with local clients more meaningfully."
The deal is subject to regulatory approval in Hong Kong.
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