M and A
Hong Leong Takes Over HLG Asset Management
Hong Leong Asset Management has acquired
HLG Asset Management.
The new entity, Hong Leong Asset Management, is part of the
firm's growth and expansion strategy. Under the agreement, all
funds previously with the prefix HLG will be renamed with the
prefix 'Hong Leong.'
"The integration of both entities will lead to greater management
and operational efficiencies, as well as provide a central
platform for our regional aspirations," said
Geoffrey Ng, Chief Executive Officer and Executive Director
of Hong Leong Asset Management, in a statement.
Part of the company's expansion strategy, it said, is being able
to reach out to more retail investors, particularly those in the
high net worth demographic.
The Hong Leong Group has been making positive news over the past
weeks, starting with the 10.3 per cent rise in earnings for its
subsidiary Hong Leong Bank and the launch of a new five-star
hotel in Shanghai under the conglomerate itself.