‘Billionaire-backed’ Hong Kong firm poised to build wealth biz ‘from scratch’
A Hong Kong financial firm backed by Chinese property tycoon Hui Wing Mau “is poised for an acquisition spree as it seeks to build an offshore wealth-management business of at least US$3bn in assets from scratch”, the Bloomberg news agency has reported, citing an interview with two of the company’s key corporate executives.
The Hong Kong company Bloomberg is referring to is Mason Group Holdings Ltd, which runs a brokerage and a healthcare business, and which is described as currently being in talks with multiple firms to either acquire or form partnerships, “with an aim to announce deals by the end of this year”, the Bloomberg report added.
Mason Group Holdings officials didn’t immediately respond to a request for comment.
The Bloomberg story, which was published on the Straits Times‘s website today in addition to being on Bloomberg’s website since Sunday, quoted Mason Group Holdings chief operating Officer Joel Chang as citing Fosun International Ltd’s purchase of a German private bank last year as an example of the type of deal Mason might do.
It said the target clients of Mason’s new wealth business would be increasingly affluent Chinese, who have a growing appetite for offshore investments.
It is a sector many other major institutions, including UBS, Credit Suisse and Ping An Insurance have all been focusing on, Bloomberg noted.
To read the Bloomberg story in full on the Bloomberg website, which is headlined “Billionaire-Backed Mason Plans Acquisitions for Wealth Unit”, click here.