StormHarbour Securities, a global financial services firm, has agreed to acquire a 49% stake in Japanese hedge fund manager Asuka Asset Management.
As part of the deal, Asuka CEO Mamoru Taniya will become a managing principal at StormHarbour and will lead its asset management unit, reported Bloomberg.
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The acquisition will enable Asuka to tap StormHarbour’s global network and expand its assets under management to JPY 100 billion in the next two years.
The deal comes as part of StormHarbour’s strategy to diversify its presence from corporate advisory and trading into asset management.
In 2013, StormHarbour has appointed Kazunobu Ezawa, a former managing director at Morgan Stanley, for its Tokyo office to gain more business from large Japanese companies via acquisitions.
Founded in 2009, Asuka now manages about JPY 20 billion ($196 million) on behalf of Japanese clients. StormHarbour, also founded in 2009 by ex-Citigroup executives Antonio Cacorino and Fredrick Chapey, has offices in New York and London.
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