Chinese conglomerate Fosun International has purchased a majority stake in London-based asset manager Tenax Capital.
The deal is said to be part of Fosun’s plan to “grow its global asset management business under its Wealth Ecosystem”.
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Financial terms of the deal were not divulged and the transaction is subject to regulatory nod.
A regulated Alternative Investment Fund Manager (AIFM), Tenax focuses on actively managed strategies.
The firm was set up in 2004 and primarily caters to institutional investors in Europe.
Tenax founder and CEO Massimo Figna said: “TENAX’s success, built on its result driven culture and innovative investment solutions, will grow from strength to strength being part of Fosun’s ecosystems, generating significant synergies.”
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By GlobalDataPost deal completion in the second half of this year, Tenax will serve as Fosun’s European asset management platform and will offer investors access to the China market.
Fosun Asset Management CEO Jun Li said: “We welcome the experienced and talented TENAX team joining Fosun today.
“The capable investment team, regulated business licenses and distribution channel of TENAX complement Fosun’s global asset management business.
“We believe, along with our other asset management companies, TENAX will provide even better investment solutions to Fosun’s insurance subsidiaries, portfolio companies, business partners and third-party investors.”
