Chinese-backed boutique asset manager launches in UK
21 February 2018
South River Asset Management, a boutique asset management company backed by Chinese conglomerate Zhejiang Zhongnan UK Ltd. (ZZ UK), has launched in the UK.
The new investment company is a result of the management-backed acquisition of Peterhouse Asset Management Ltd. from Peterhouse Corporate Finance Ltd.
ZZ UK, a subsidiary of Zhejiang Zhongnan Holdings Group (ZZHG), has acquired both Peterhouse Asset Management Ltd. and Peterhouse (Capital) Guernsey Ltd, and renamed them South River Asset Management Ltd and South River (Guernsey) Ltd. respectively. The names are a nod to the location of Zhejiang Zhongnan on the Qiantang river in Hangzhou, Zhejiang province.
Amanda Van Dyke, director of ZZ UK and senior fund manager at South River Asset Management, said: “ZZHG is a top 500 Chinese private enterprise and has ambitions to grow in asset management, both here in the UK and in China. As the leading conglomerate in Zhejiang province, where ZZHG has been headquartered for 34 years, the group has access to a superb network of individuals who want to invest in Europe to grow their wealth, and we are delighted to be involved in a true east/west partnership.”
The boutique investment business will use its existing platform to offer a range of specialist mandates to investors. Funds offered include the group’s flagship Gold and Precious Metals fund, managed by a director of ZZ UK and Amanda Van Dyke.
The firm also manages a range of segregated mandates for institutions, including UK universities.
Total assets under management currently sits at $100m.
Wei Wu, President of Zhejiang Zhongnan and Chairman of Zhejiang Chengxiang Investment Company Limited, said: “We are delighted to have partnered with the PAM Management Team to acquire Peterhouse Asset Management and Peterhouse (Capital) Guernsey. The strength of the fund management operation in London provides a robust investment platform and a genuine partnership between East and West. With Zhejiang Zhongnan’s network and reputation in China, we believe we can develop strong growth in the future.”
Stephen Watson, CEO of South River Asset Management, added: “We warmly welcome the Zhejiang Zhongnan Holdings Group as our new owner and partner. The combination of the experienced team in London backed by a leading Chinese shareholder is very exciting for the group.”
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