GCS to buy Dexia's AM arm for $500 million
The deal by Hong Kong-based GCS, a low-key private equity firm, includes a distribution agreement with ICBC to offer European-managed fund products to Asian investors.
GCS Capital, a little-known Hong Kong-based private equity firm, has agreed to purchase Dexia Asset Management (DAM) in a €380 million ($496 million) deal which includes a distribution agreement with Industrial and Commercial Bank of China (ICBC).
The share purchase agreement, announced yesterday, includes the full scope of business of Dexia bank’s asset management arm, which has about €80 billion in AUM and 550 staff globally. Reported estimates for the value of DAM have been cit…
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