MCP Asset Management, the Hong Kong-based hedge fund of funds firm running $5 billion in assets, has acquired the local fund of funds unit of the SPARX Group. Financial details of the deal were not disclosed.
SPARX International (Hong Kong) had HK$49.9 million ($6.4 million) in capital as of 31 August 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 over $6.9 billion in AUM.
Under the terms of the deal, MCP will act as investment advisor to the fund