GCS Capital entered into exclusive negotiations with Dexia SA to acquire Dexia Asset Management, the Brussels-based bank’s money management arm, according to separate announcements Tuesday by GCS Capital and Dexia.
No details on price or the timing of a deal were provided.
In a telephone interview, a spokesman for GCS Capital said the Hong Kong-based private equity firm is approaching the deal as a strategic investor, with plans to make Dexia Asset Management its first step in building a “premier” global money management platform.
In the GCS Capital news release, CEO Huan Guocang said Dexia Asset — with roughly $104 billion in assets under management and 550 employees worldwide — “presents a rare opportunity to acquire a well-capitalized, stand-alone asset management business with the potential to transition into a global franchise.”
Dexia’s news release noted GCS Capital’s plans “to maintain the current regional footprint revolving around competence centers in Brussels, Paris, Luxembourg and Sydney.”