Business / Companies

GCS Capital to acquire DAM

(China Daily) Updated: 2012-12-04 17:16

Hong Kong-based GCS Capital announced on Tuesday it has entered into exclusive negotiations with Brussels-based banking group Dexia SA to acquire Dexia Asset Management (DAM).

DAM is a renowned global asset manager with assets under management of approximately 80 billion euros ($104.6 billion) and more than 550 employees worldwide.

"Dexia Asset Management presents a rare opportunity to acquire a well-capitalized, standalone asset management business with the potential to transition into a global franchise," said Huan Guocang, CEO of GCS Capital, a strategic investor supported by institutions with strong financial resources and strategic capabilities.

"As a key component of our value proposition, we are committed to maintaining and enhancing the fabric of the existing platform, including the retention of all existing staff and clients in all geographies," said Mike Powell, senior partner of GCS Capital.

The transaction is still subject to an agreement being entered into between the parties, any terms and conditions that may be contained in such agreement and regulatory approval.

HSBC Bank is acting as sole financial advisor to GCS Capital in connection with the proposed transaction.

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