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Fortune merges with parent firm, plots Asian acquisition


The firm, now fully integrated into Close Brothers Group, plans to expand its asset management business, and seeks a senior business development hire for Hong Kong.

Close Brothers Group, the London-based merchant bank, plans to take full control of Fortune Asset Management, the funds of funds group it purchased in 2006 and which had, until now, been run as an independent entity. Fortune chief executive Simon Hopkins is taking his entire team with him to Close, where he will be responsible for building out the parent’s institutional asset management business. Hopkins said he expects the integration to be completed by March 1.

Fortune was already working to expand its multi-manager business and is preparing to establish its fund of funds business in Asia by acquiring