Credit Agricole unit takes stake in Pegasus
A PROMINENT European fund management firm has taken a 25 per cent stake in Hong Kong fund-retailer and minor-league fund manager Pegasus Fund Managers, which is run by Paul Pong Po-lam, above right, well-known for his investment advice columns and radio show in the territory.
Euro Pacific Advisers, a Hong Kong-registered company, majority owned by Banque de Gestion Privee (BGP), a private banking subsidiary of Credit Agricole since 1992, is taking the stake with a view to distributing Euro Pacific and BGP investment products.
Euro Pacific has US$470 million under management, according to managing director Bruno Seghin, above left.
The money was split between three open-ended funds and certain private portfolios managed for the firm's richer clients. The three funds were the Corail Fund, the Aurore Fund, both registered in Paris, and the Pacific Nies Fund registered in Luxembourg.
Pegasus runs only two of its own funds, neither of which is tracked by Micropal, and has $10 million under its own management.
Mr Seghin said his firm was attracted by Pegasus' access to Chinese retail clients. Pegasus was set up in 1991 with the specific intention of selling investment products to Hong Kong Chinese, Mr Pong said.
''At the moment we have one retail outlet, in Sha Tin, but we plan to expand that network,'' he said.
Mr Pong said the firm attracted clients to invest in off-the-shelf investment products and funds by running seminars, and through heavy Chinese-language press advertising.