The chief executive of Hong Kong and London-based asset manager Hamon Group has taken an almost 5% stake in UK wealth firm Tavistock.
Hugh Simon is founder of the multi-asset fund business, which was backed for many years by BNY Mellon until 2016.
He has purchased a 4.9% stake in Tavistock worth £600,000 ($697,269, €645,673).
Tavistock has said that the “interest is to develop a meaningful stake in the UK wealth management sector and [Simon] has identified Tavistock as a cornerstone investment”.
“Tavistock and Hamon Group are interested in identifying acquisition opportunities in the wealth and asset management sectors in the UK and Europe.
“Tavistock’s board believes that a strategic partnership with Hamon Group provides an opportunity to significantly increase the assets invested in its funds, particularly the 90% protection portfolios managed with Morgan Stanley & Co International Plc.”
In the UK, Hamon Group owns global emerging market equity fund manager, Blackfriars Asset Management, which it acquired from BNY Mellon in 2011.
Hamon Group is licenced in Hong Kong, Korea, Ireland, and the UK.
Blackfriars Asset Management is regulated by the Financial Conduct Authority.