According to the terms of the agreement, the Swiss wealth manager has agreed to acquire the entire share capital of Penjing, which involves a mix of Gottex shares up to 1.75 million and additional cash, payable over a period of two years and adjusted for Penjing’s future assets under management.
The acquirer believes that the takeover, subject to regulatory approval, will be accretive on an operational profit as well as on a fully diluted earnings per share basis within one year.
The firm will also absorb Ronnie Wu, founder and CIO of Penjing, as a senior executive in Asia, who will be responsible for effective implementation of the combined Asian product line.
Gottex anticipates that the acquisition of Penjing will boost its expansion strategy in Asian investment arena on an accelerated and much broader scale, both locally and globally.
Gottex Asia CEO Max Gottschalk said the combination of Gottex and Penjing establishes one of the largest Asia-focused hedge fund investment firms with the deepest investment team, which will allow its local and global clients to continue to invest in this fast growing region with confidence.
