Swiss listed private equity firm Fortune Management, through its subsidiary Fortune Wealth Management Group, has received the outstanding regulatory approval by the Bahamian authorities for the acquisition of asset manager Van Daalen International. Fortune announced in May that it had agreed to acquire the asset management firms Van Daalen & Cie. in Geneva and Van Daalen International in Nassau, Bahamas, as part of its strategy to establish Fortune Wealth Management as one of the leading platforms for the consolidation of independent asset managers. Van Daalen manages over SFr650 million in private client funds world-wide. The companies were founded in 1991 (Geneva) and 2000 (Nassau), and primarily advise European high net worth individuals. The Van Daalen companies will be part of the Fortune Wealth Management Group. With its current majority holdings in eight asset managers, the group now manages over SFr1.5 billion in client assets. Dr Peter Moertl, chief executive officer of Fortune Wealth Management Group, will serve as the chairman of both companies. Fortune Management has subsidiaries in Zug, Zurich, Geneva, Luxemburg, Rotterdam, Wuerzburg and Vienna, as well as a branch in Dubai.