Swiss fund of hedge funds manager Gottex is acquiring Hong Kong-based Penjing Asset Management, a year after its co-founder Max Gottschalk moved to the region to accelerate the firm\'s expansion into Asia.
Penjing, which manages US$434 million, will boost Gottex\'s allocation to Asia hedge funds to about US$800 million, Mr Gottschalk told in an interview, making the combined business one of the biggest fund of hedge funds in the region.
The acquisition, subject to regulatory approvals in Hong Kong, involves a combination of Gottex\'s up to 1.75 million shares and cash paid over a period of two years, he said.
Penjing, which manages US$434 million, will boost Gottex\'s allocation to Asia hedge funds to about US$800 million, Mr Gottschalk told in an interview, making the combined business one of the biggest fund of hedge funds in the region.
The acquisition, subject to regulatory approvals in Hong Kong, involves a combination of Gottex\'s up to 1.75 million shares and cash paid over a period of two years, he said.