Sat, Jan 21, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

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

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally, Hedge fund legend David Einhorn is making a big bet on GM, After impressive 85% return in 2016, hedge fund looks to Canadian gold producer, small banks[more]

    This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally From Forbes.com: Can bank stocks continue to rise after a 28% surge in the KBW Bank Index in 2016, fueled by a post-election rally as stock pickers returned to the beaten down sector? Forget the s

  2. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  3. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee

  4. Macro hedge funds and CTAs outperform in December on strong dollar[more]

    Komfie Manalo, Opalesque Asia: The last month of 2016 saw risk assets climbing higher, as part of expectations that the new U.S. administration will remove barriers to growth and investment, Lyxor Asset Management said. December also saw the Fed hik

  5. Opalesque Exclusive: Roxbury credit events UCITS gathers more assets[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The Roxbury Credit Events Fund, launched in September 2015, was up 4.24% in 2016, having returned seven positive months during the year. The managers raised