Singapore-based investment firm New Silkroutes Group plans to operate seamlessly across European times zones in key cities, having completed a restructuring in its home base. To help it along, the company has now bought a fund manager based in Malta.
New Silkroutes Capital (NSC), a subsidiary of New Silkroutes Group (NSG), will acquire a 66 percent stake in European fund manager Culross Global in a deal worth $2.6 million, the company said in a press release on Thursday.
As part of on-going efforts to transform NSG, the NSG group has been restructured with the intention that NSC will eventually serve as the financial «dashboard» for the group's invested verticals, which comprise investments in financials, energy, healthcare and real estate.
Significant Representation in Europe
The acquisition will add essential wealth management capabilities to NSC and allow the company to operate seamlessly in European time zones in key cities. Among other things, NSC will be responsible for raising funds to support the group's investments primarily in the energy and healthcare sectors.
«We have consistently been focused on building up the financial services capabilities of NSC,» said Goh Jin Hian (pictured above), NSG's Group CEO. «Think of NSC as NSG's financial dashboard, through which we will raise and allocate funds to support our energy, healthcare and real estate investments and projects.» Some of the financial expertise will come from Culross, which has a significant representation in Europe's fund management industry, he added.
First Fund Launched in 2000
Culross was founded in 1992 in London and today is based in Malta, with further offices in London and Switzerland. The company is an independent, absolute-return fund manager servicing institutional and high net worth investors. Culross launched its first fund in 2000 and has since rolled out three others.
The companies will operate under NSC's brand name after the acquisition. NSC will be one of the first Singapore-based investment companies with operating entities registered with FCA, Finma and MFSA. Culross had $2.2 million in net tangible assets and $1 million in after-tax profit in 2016.
