A former private bank partner in Asia is behind the acquisition of a $1.4 billion Hong Kong-based asset manager.

Montreal-based Fiera Capital Corporation is acquiring Clearwater Capital Partners, an Asia-focused credit and special situations investment firm, the two firms said on Friday.

Fiera didn't disclose financial details of the deal for Clearwater, an $1.4 billion employee-owned asset manager based in Hong Kong. Robert Petty and Amit Gupta will continue to lead Clearwater as co-Chief Executives and co-investment chiefs.

Well-Known Banker

Clearwater's funds will be added to Fiera Capital’s division for private alternative investments, complementing the Canadian firm’s range as well as adding investment experience and depth with offices and teams across Asia-Pacific.

A well-known and long-standing Asia private banker is behind the deal: Vincent Duhamel, who until last year was Lombard Odier's head in Asia and a capital partner at the Swiss private bank. The Hong Kong acquisition marks a return to old stomping grounds for Duhamel, who joined Fiera as president and operating chief in September.

Asian Footprint

«The transaction establishes Fiera Capital’s Asia-Pacific footprint and provides a rare opportunity to gain entry to the Asian private credit market,» Duhamel said in a statement. 

«Combining Clearwater’s deep investment experience in Asia with Fiera Capital’s global distribution capabilities enhances our ability to meet the growing demand from clients for a full spectrum of investments in credit and special situations,» he added.

Credit Strategies

Clearwater maintains four offices in Asia – Hong Kong, Singapore, Seoul, and Mumbai – as well as one in Connecticut. The firm is specialized in investing in three private credit strategies: direct lending, stressed credit and distressed and special situations.

«The Clearwater team has an established presence in the Asia credit space, an industry which today represents $50 trillion in investment opportunities,» Fiera finance chief John Valentini said.

Since its founding 17 years ago, Clearwater has invested $5.1 billion over 352 positions and exited $5.8 billion across 315 deals. Fiera Capital is an independent asset management firm with C$128.9 billion in assets under management.