Wednesday, 23 July 2014
Last updated 17 min 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.
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…