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Swiss fund of hedge funds manager Gottex to acquire Hong Kong-based alternative asset manager Penjing

Wednesday, May 16, 2012
Opalesque Industry Update - Gottex Fund Management Holdings Limited (Gottex), a leading independent global alternative asset management group with USD 7.6 billion in fee-earning assets, announces that it has reached agreement on the acquisition of Hong Kong based Penjing Asset Management (Penjing), one of the primary Asian alternative asset management providers.

Ronnie Wu, founder and CIO of Penjing, will join Gottex as a senior executive in Asia.

Gottex has agreed to acquire the entire share capital of Penjing, a profitable alternatives manager with USD 434 million of assets under management across a range of Asian focused products. The consideration involves a combination of Gottex shares (up to 1.75 million) and additional cash, payable over a period of two years and adjusted for Penjing’s future assets under management. Gottex expects the acquisition to be accretive on an operational profit as well as on a fully diluted earnings per share basis within one year, partly due to expected synergies.

Completion of the acquisition is subject to certain conditions, including regulatory approval.

Gottex believes the acquisition provides compelling strategic benefits, including establishing a leading local organisation in a region of strategic importance from an investment and an asset raising perspective. The combined business will drive Gottex’s expansion of Asian investment services on an accelerated and much broader scale, both locally and globally.

Ronnie Wu will take on the responsibility of CIO for the combined Asian product line and will continue as portfolio manager of the Penjing funds. He will be supported by Penjing’s long standing investment team who will continue to service their existing clients as well as support Gottex’s investment activities in the region. Ted Wong will continue to manage the Gottex Tiger product and be closely involved in the Asian investment process.

Max Gottschalk, CEO of Gottex Asia, commented, “At Gottex, we firmly believe that Asia is a region of enormous strategic potential for the alternative asset management industry in both the short and long term. The combination of Gottex and Penjing establishes one of the largest Asia-focused hedge fund investment firms with the deepest investment team, which will allow our local and global clients to continue to invest in this fast growing region with confidence.”

Ronnie Wu, founder and CIO of Penjing, commented, “I am excited to join forces with Gottex and to work with its strong team of highly regarded professionals. Gottex provides a global institutional asset management platform with strong investment processes that will allow Penjing’s product line to grow and achieve its potential.”

Joachim Gottschalk, Chairman and CEO of Gottex, commented, “We are very pleased to welcome Penjing’s team and clients to Gottex. Our increased presence in Asia combined with our global footprint and infrastructure will provide our existing and future clients with a solid and secure gateway to an exciting region.”

(press release)

Incorporated in Guernsey, Gottex is the holding company of a leading independent global alternative investment management group whose core business is providing investment management services to a diversified range of hedge fund solutions and customised mandates. With offices in Guernsey, Lausanne, London, Hong Kong, New York, Boston, Luxembourg and Zurich, the Gottex group advises funds that are invested with more than 150 hedge fund managers around the world, investing in a wide range of strategies and geographies on behalf of predominantly institutional investors. As at 31 March 2012, Gottex had USD 7.6 billion of total fee-earning assets.

See our April coverage:
Opalesque Exclusive: Gottex to restructure its business, promotes Kevin Maloney, Bill Landes Source

bG

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