Austrian asset management firm C-Quadrat’s founder Alexander Schütz has acquired a majority stake in the firm together with board member Cristobal Mendez de Vigo.

Schütz and Mendez de Vigo have acquired the stake from Chinese conglomerate HNA Group.

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Concurrently, Jebsen Group, a Hong Kong-based distribution, marketing and investment company, has agreed to acquire a minority stake in the asset manager.

HNA bough a minority stake in C-Quadrat in 2016 via investment vehicle Cubic and raised the position to a majority stake one year later. Under the arrangement, the duo will buy the share of HNA from Cubic.

The transaction, according to the Austrian asset manager, will not have any impact on its investment strategy or fund products.

Schütz said: “We would like to thank HNA for their support and excellent cooperation over the past two years.

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“We are pleased that we have been able to bring in the Jebsen Group as a co-investor, a company with over 120 years of history and experience in Greater China that will accompany the planned further development of C-Quadrat in Europe and Asia. We see excellent growth opportunities in both markets, which we aim to address together.”

The acquisition, whose financial details have not been disclosed, is subject to regulatory approvals.

C-Quadrat helped the Chinese conglomerate to become the biggest stakeholder in German banking giant Deutsche Bank in 2017.

In June last year, C-Quadrat Investment acquired a 51% stake in French peer Advenis Investment Managers.