One of China’s wealthiest families has swooped to acquire funds from the wreckage of London-based RAB Capital in a move that will create one of the biggest new hedge fund startups this year.
Sunwah Group, owned by the Hong Kong-based Choi family – whose multi-billion dollar fortune is based around a huge food processing and property empire – is to acquire RAB Capital’s Energy and Octane funds, run by Mark Redway, the Financial Times has learnt.
The Chinese firm will use the funds as the basis of a “l(fā)arge-scale” new hedge fund business, based in London, which they expect to manage more than $1.5bn in assets by the end of the year.
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