Huarong is the second of the four asset management funds to be restructured after changes to Cinda Asset Management Co in 2010, allowing it expand to other businesses including brokerage and securities services.
The stake has a market value of $250 million, but HSBC is expecting a hefty premium due to Baoviet's market position and the potential to raise the ownership level at a later stage, one of the sources added.
The Securities and Futures Commission’s annual Fund Management Activities Survey, 2011, found the combined fund management business of Hong Kong recorded a year-on-year decline of 10.4%, bringing the total AUM down from HK$10trn (£810bn, US$1.
The Hong Kong-based team includes four sector specialists and will manage a fundamental long/short equity portfolio, GLG said in a statement on Monday, taking a bet on the biggest but shrinking hedge fund category in the region.
CCP, a subsidiary of private equity manager Crescent Capital Partners Management, made the 50-cents-a-share offer last week.
In an emailed statement, Clark Song, Mananging Director at SHFA said that the Shanghai hedge fund network would be transformed into an education and communications organization to enable hedge fund firms in the city to participate in public policy discour
Japan's Dai-ichi Life Insurance Co Ltd and Korea Life were first out of the blocks to submit second-round bids on Monday for ING's insurance operations in Southeast Asia, as the Dutch insurer moves to divest it Asian operations.
Demand is going to be subdued, given the state of the economy and the sentiment,” Ajay Mitra, managing director, Middle East and India at the council, said in a phone interview from Mumbai. “People are preferring to stay invested in cash becau
Tybourne Capital Management Ltd. can draw down an additional $500 million available from investors later this year as opportunities arise, said the people who asked not to be identified as the information is private. Tybourne Equity Fund started trading
The team based in Hong Kong will be led by David Mercurio, who joined the London-based unit of Man Group Plc as the head of Asia equity and co-head of its global equity strategies from Government of Singapore Investment Corp.