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Chinese group swoops on London-based private office

Chinese group swoops on London-based private office

Hywin Capital, a Chinese investment manager, has acquired London-based private office Azure Wealth for an undisclosed sum.

Following the transaction, Azure Wealth has been renamed Hywin Wealth and Shangjia Monica Lin has been appointed as chairman of the board.

The company was founded in 2011 by Chris Donegan and Massimo Scalabrini, who will continue on as partner and managing partner respectively.

According to its latest set of accounts covering the 12 months ended 31 March 2016, Azure Wealth made a pre-tax profit of £66,828, up from a loss of £914,448 in 2015. Over the same period the wealth manager increased its turnover by 65% to £2.5 million from £1.5 million.

Hywin Capital has a close operating relationship with Hywin Financial Holding Group, which was established in 1989 with headquarters in Shanghai. It has more than 20 subsidiaries with 4,000 staff and AUM of ¥100 billion (£12 billion) and offers wealth and asset management services in mainland China, Hong Kong, US and the UK.

After the deal, the private office said that its ‘principles, ethos and investment management philosophy’ will remain the same.

Scalabrini said: ‘This transaction is a significant milestone for us and a strong endorsement for our business. Hywin Wealth will benefit from this cooperation by contributing to a global wealth management offering and will be able to provide our clients with unique access and insight into the growth markets of Asia.

‘Myself and the entire team at Azure are very much looking forward to leveraging its global reach, resources and access for the benefit of all our clients.’

Hywin Capital did not disclose its AUM.

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