One of China's leading financial services companies has acquired a UK funds boutique.
Conglomerate Zhejiang Zhongnan UK (ZZUK), one of the top 500 firms in China, has acquired London-based Peterhouse Asset Management (PAM) for an undisclosed fee. It has also acquired the firm's parent Peterhouse (Capital) Guernsey.
PAM, which runs some £300 million in assets, will rebrand to South River Asset Management following the launch.
PAM's fund range includes its flagship Gold and Precious Metals fund.
Meanwhile the SF Peterhouse Smaller Companies Gold fund had originally been part of a stable of funds sold by Webb Capital, a boutique launched by former UK small cap star and co-founded Unicorn Asset Management Peter Webb.
Amanda Van Dyke (pictured), manager of the fund, and now a director in ZZ UK, commented: ‘ZZHG is a top 500 Chinese private enterprise and has ambitions to grow in asset management, both here in the UK and in China.
‘As the leading conglomerate in Zhejiang province, where ZZHG has been headquartered for 34 years, the group has access to a superb network of individuals who want to invest in Europe to grow their wealth, and we are delighted to be involved in a true east/west partnership.’
Wei Wu, President of Zhejiang Zhongnan and chairman of Zhejiang Chengxiang Investment Company, added: ‘We are delighted to have partnered with the PAM Management Team to acquire Peterhouse Asset Management and Peterhouse (Capital) Guernsey.
‘The strength of the fund management operation in London provides a robust investment platform and a genuine partnership between East and West. With Zhejiang Zhongnan’s network and reputation in China, we believe we can develop strong growth in the future.’