Globaleye, which specializes in affluent expats, is leaving Hong Kong. A hometown rival is snapping up the book, hoping for an entry into the Asian wealth market.
Globaleye is shutting its Hong Kong office after seven years, several specialty publications reported. The Dubai-based firm is selling its $150 million local book to Holborn Assets, which is also based in the United Arab Emirates, according to «International Investment».
Holborn, founded in 1999 through a management buyout from Old Mutual, oversees more than $1 billion in assets. Its Asian presence has so far been limited to Malaysia and Sri Lanka, so the Hong Kong book is meant to give it a firmer toehold in the rapidly growing Asian wealth market. A six-person team led by Globaleye's Edward Harris will join Holborn.
Globaleye lost two key executives last year, including Scott Balsdon. The banker later turned up at Holborn.
