Asset manager AMG enters Chinese market

AP News
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Posted: Nov 09, 2009 11:09 AM

Diversified asset management company Affiliated Managers Group Inc. said Monday it has acquired a 5 percent share in Chinese asset manager Value Partners Group Ltd. to extend its reach into Asian markets.

Boston-based AMG acquired the stake from a group of senior managers of Value Partners for 3.45 Hong Kong dollars, or 45 cents per share in U.S. currency, which values the deal in U.S. dollars at about $36 million.

The companies have agreed on joint product development and strategic distribution, which extends AMG's presence to the rapidly expanding Chinese market. AMG said in a statement it expects to open a sales and marketing office in Hong Kong next year.

The company has sales and marketing offices in London, serving Europe and the Middle East, as well as Sydney, serving institutional investors in Australia and New Zealand.

AMG has about $200 billion in assets at Sept. 30.

Value Partners, which is listed on the Hong Kong Stock Exchange, is one of the largest independent boutique asset management firms in Asia, with approximately $4.6 billion in assets under management as of Sept. 30.

Shares of AMG rose $1.93, or 2.9 percent, to $68.05 in morning trading.