Investment bank StormHarbour securities has bought a large stake in hedge fund Asuka Asset Management, three years after the Tudor Investment Corp. spin-off bought a stake in StormHarbour.
StormHarbour has agreed to buy 49% of Japan’s Asuka, Bloomberg News reports. As part of the new arrangement, Asuka CEO Mamoru Taniya will become a managing principal at StormHarbour in charge of its asset management business.
StormHarbour last year hired a former Morgan Stanley executive, Kazunobua Ezawa, to pursue expansion through acquisition in Asia, especially Japan. Asuka has about ¥20 billion (US$200 million) in assets under management and boasts a primarily Japanese client base.
The hedge fund hopes to use its new connection to StormHarbour to quintuple its assets under management within two years.
Three years ago, Asuka bought an 8% stake in StormHarbour’s Tokyo-based securities business, StormHarbour Japan.