Convergent Capital Management purchased a minority interest in Matthews International Capital Management, an emerging markets mutual fund and offshore fund manager, and has written a letter of intent to buy another money management firm.
Terms were not disclosed, but the Matthews deal was structured with incentives tied to growth of the business, Convergent executives say. H. Tom Griffith, Convergent president, said Convergent may close another deal by year end; he declined to name the firm.
Matthews manages a total of $70 million, and has the Matthews Pacific Tiger Fund, which invests in Asia ex-Japan; the Matthews Asian Convertible Securities Fund; and the Matthews Korea Fund.
