Channel Islands-based Gottex Fund Management Holdings has agreed to establish a joint venture with China’s VStone Asset Management to provide access to mainland China asset management and investors.
According to Gottex, the JV will provide institutional and qualified private investors access to the China onshore market (including A-Shares) and China mutual fund sector. The partnership will operate as Gottex’s distribution channel in mainland China.
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The transaction will include a cash consideration from both parties and Gottex will issue covered warrants over 1.725 million Gottex shares or roughly 5% of its issued share capital to the principals of VStone at an exercise price of CHF 3.50 (US$ 3.84).
Gottex said that it will acquire a minority stake in the newly formed company, while VStone will transfer its existing products and business activity to the new entity.
Max Gottschalk, CEO of Gottex Asia, said: "Being able to offer our investors access to China’s onshore equity and bond markets through a highly professional team and institutional process provides us with confidence that we believe our new venture will become a great success."
Jiwu Chen, CEO of VStone Asset Management, said: "By leveraging the strengths and experience of both sides, the VStone Gottex partnership will have great prospects and create more value for our clients, shareholders and investors in the future."
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By GlobalDataSubject to Chinese administrative approvals, the deal is expected to be granted within the next two months.
