China’s Greenwoods Asset Management has acquired a majority stake in mid-size asset manager Chang An Fund Management (CAFM) for RMB70m ($11.2m).
The acquisition makes Greenwoods the country’s first private equity firm to invest into a domestic mutual fund business.
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The deal, which will increase CAFM’s registered capital to RMB270m, will offer Greenwoods the second largest holding in the fund house at 25.93%, reported Asia Asset Management.
Other major shareholders of CAFM include Chang’an International Trust that holds a 29.63% stake, and Fivestar Holdings, which owns 13.33% stake.
CAFM was said to be one of the fastest growing asset managers last year, with its asset under management increasing by 251% to nearly RMB25.2bn during this period.
Greenwoods Asset Management is involved in domestic as well as overseas investments such as A-shares, H-shares, red chips and American Depository Receipts (ADRs).
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