StormHarbour to buy 49% of Japanese hedge fund manager

27 June 2014   Category: News, Asia, Global, Japan, USA   By Daniel Shane

US investment bank StormHarbour Securities has agreed to acquire a 49% stake in Japanese hedge fund manager Asuka Asset Management Co.

The deal will allow StormHarbour, which was founded in 2009 by two former Citigroup executives, to diversify from its corporate advisory and trading businesses into fund management in Asia.

Under the agreement, for which financial terms were not disclosed, Asuka Chief Executive Officer Mamoru Taniya will become managing principal of StormHarbour, as well as run its asset management unit.

Asuka said in a statement that the deal would allow it to take advantage of StormHarbour’s global network and gain access to a wide range of foreign investors.

StormHarbour, which is based in New York, currently employs 170 staff and has offices in seven cities across the globe.

Asuka was founded in 1999 as the Japanese subsidiary of US hedge fund Tudor Investment Corporation, but was the subject of a management buyout in 2002.