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John Paulson's hedge fund to buy stake in $238bn asset manager from Chinese conglomerate HNA Group

Tuesday, November 20, 2018

Laxman Pai, Opalesque Asia:

BrightSphere Investment Group has announced that Paulson & Co agrees to buy a substantial majority stake in BrightSphere held by Chinese conglomerate HNA Group Co.

The multi-boutique asset management company with approximately $238 billion of assets under management said in a statement that Paulson & Co. plans to buy most of the ordinary shares of BrightSphere Investment Group PLC held by HNA Capital (U.S.) Holding LLC, a unit of HNA.

The New York-listed asset manager informed that, once completed, Paulson & Co. is expected to own just less than 24.95% of the ordinary shares of BrightSphere, which recently had a market capitalization of about $1.36bn.

According to the statement, in connection with the transaction, John Paulson, President of Paulson & Co., and Guang Yang, Managing Member of H Plus Capital, have joined the BrightSphere Board of Directors, replacing Enrico Marini Fichera and Daniel Chen, effective November 16, 2018.

The statement quoted James J. Ritchie, BrightSphere's Chairman as saying: "The Board and I welcome John's investment in BrightSphere and his vote of confidence in our Company. The transfer of shares to a respected institutional investor such as John Paulson will bring the clarity of ownership and stability which is positive for all of our constituencies."

Steve Belgrad, BrightSphere's President and CEO added, "As we continue to work to generate shareholder value and growth, John's advice as a Board......................

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