Mergers & Acquisitions / Joint Ventures

MCP takes on Sparx fund of funds business

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MCP Asset Management, the Hong Kong-based hedge fund of fund firm which runs $5 billion in assets, has acquired the local fund of funds unit of Sparx Group – one of Asia’s largest hedge fund groups. Financial details of the deal were not disclosed.

Sparx International (Hong Kong) had HK$49.9 million ($6.4 million) in capital as of August 31 and employs seven people, according to an MCP disclosure to the JASDAQ stock exchange. Parent entity Sparx Group is one of Asia’s largest alternative investment managers, with $6.9 billion in AUM.

Under the terms of the deal, MCP will act