|
|
Article: Asset manager AMG enters Chinese market
- Article from:
- AP Online
- Article date:
- November 9, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
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 ...