Acquisition

StormHarbour to acquire 49 per cent of Japanese hedge fund manager Asuka

Fri, 27/06/2014 - 12:06

Global markets and financial advisory firm StormHarbour Securities is to acquire a 49 per cent stake in Japanese hedge fund manager Asuka Asset Management for an undisclosed fee.

StormHarbour, an investment bank founded in March 2009 by Antonio Cacorino and Fredrick Chapey, has branches in seven cities across the globe and comprises about 170 professional employees.
 
The deal will allow StormHarbour to diversify from its current financial products brokerage and portfolio advisory business into full scale Asian asset management. Asuka meanwhile, will be able to make use of StormHarbour’s global network and gain access to a wide range of foreign investors.
 
Asuka Asset Management will issue new shares through third-party allotment, all of which will be acquired by StormHarbour Capital Advisors UK Ltd, a company owned by StormHarbour Partners LP.
 
As a result, the make-up of its shareholders will be: 51 per cent owned by Asuka Holdings Co Ltd and 49 per cent owned by StormHarbour Capital Advisors UK Ltd. Asuka Holdings Co Ltd is currently 100 per cent owned by Mamoru Taniya, however Toshihiro Hirao plans to acquire shares to own 20 per cent of the company in the near future.
 
Conversely, Taniya and Hirao will acquire a portion of StormHarbour Partners LP’s partnership interest and StormHarbour Partners GP LLC’s membership interest.
 
Taniya will concurrently serve as StormHarbour’s managing principal and take charge of its asset management business. Additionally, Asuka is to appoint two directors nominated by StormHarbour – Cacorino as representative director and Michimasa Naka. Naka is managing principal of StormHarbour and CEO of StormHarbour Japan Ltd. Asuka will also appoint Akio Kawamura, a Japanese attorney and auditor of StormHarbour Japan Ltd, as a new auditor.
 
Taniya remains as Asuka Opportunities Fund’s investment manager and Hirao as the chief investment officer. There will be no change in the structure of the fund’s investment team.


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