IQ-EQ acquires Gordian Capital to become fund platform leader in Asia-Pacific
Gordian manages $17 billion in assets and also has offices in Tokyo, Hong Kong, Shanghai and Melbourne. It plans to expand in the Middle East, subject to approval from Dubai.
Financial details of the transaction, which has received regulatory approval and is expected to close shortly, were not disclosed.
The deal "allows us to offer our fund, corporate and family office clients globally a path to regulated market entry into Asia and over time, the Middle East," Sridhar Nagarajan, who heads IQ-EQ's business in Asia, the Middle East and Africa, said in a statement.
Asia is projected to contribute nearly 30% of new financial wealth globally by 2028, from 17% in 2023, according to Boston Consulting Group's Global Wealth Report 2024.
The business will be rebranded under the IQ-EQ brand in the second quarter of 2026.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
18 hours ago
- Reuters
Chevron tells Hess staff to focus on safety as they await job updates
HOUSTON, July 24 (Reuters) - Chevron (CVX.N), opens new tab leaders told Hess employees to stay focused on safe operations and that they will hear next week if they will continue to have jobs following the oil producer's acquisition, according to two Hess employees who spoke with Reuters. Chevron, the second-largest U.S. oil producer, closed its $55 billion acquisition of Hess on Friday after prevailing in a landmark legal fight against Exxon Mobil(XOM.N), opens new tab that delayed the closing by over a year. The deal was critical to Chevron CEO Mike Wirth's strategy to improve the business as it sought to cut costs and faced investor concerns about future growth prospects. The company will lay off 575 Hess employees in Houston effective September 26, according to a notice filed with the Texas Workforce Commission, or about 32% of staff based on Hess' headcount at the end of last year. During town hall meetings at Hess' Houston office on Tuesday, Chevron representatives presented a slide that showed safety incidents have risen during volatile periods historically, cautioning them to continue prioritizing safety, according to the two employees, who declined to be named to discuss an internal meeting. Hess staff were told they will be notified next week if they have a full-time position with the company moving forward or a short-term role to help with the transition. "These are difficult decisions which we do not make lightly," a Chevron spokesperson said, adding the company will offer severance and other support. The emphasis on safety comes after Wirth warned Chevron employees earlier this year that the company saw an increase in close calls that could have resulted in serious injuries or fatalities. Chevron and Hess staff were asked not to contact each other until the integration is complete, according to the two Hess employees and an internal Chevron message that Reuters reviewed. "We need them to focus on safe operations and on navigating the complex changes that result from this merger," said the internal Chevron message.
Reuters
18 hours ago
- Reuters
Europe's CISPE challenges Broadcom's $69 billion VMware deal in EU court
July 24 (Reuters) - European Union judges could review chipmaker Broadcom's (AVGO.O), opens new tab $69 billion acquisition of cloud computing firm VMWare, after an antitrust complaint opposed the bloc's approval of one of the biggest takeovers in the technology industry. The Cloud Infrastructure Services Providers in Europe, or CISPE, has filed a formal appeal before the European General Court seeking an annulment of the European Commission's approval of the deal, the organisation said on Thursday. Broadcom had wrapped up the purchase of VMWare in November 2023, after intense scrutiny from regulators globally forced the company to delay the closing date thrice. The European Commission's official summary of its approval decision was published in May, acknowledging that the acquisition posed significant risks to competition. "However, it failed to impose any conditions on Broadcom to prevent a concentration of dominance or to mitigate the potential abuse of such a position," CISPE said. The European Commission did not immediately respond to a Reuters request for comment. CISPE said it has "consistently raised alarms" with the Commission over Broadcom's unfair software licensing practices, but no substantive action has been taken to support either European cloud service providers or their customers. VMware's dominance of software in the virtualisation market "means that unfair new licensing terms enforced by Broadcom affect almost every European organisation using cloud technology", said Francisco Mingorance, Secretary General of CISPE. "Broadcom strongly disagrees with these allegations," a company spokesperson said, adding that the deal was approved after a "thorough merger review process, and we will uphold the commitments made to the Commission at that time." The deal, one of the biggest globally when announced in May 2022, was part of Broadcom CEO Hock Tan's efforts to boost the chipmaker's software business.
Reuters
20 hours ago
- Reuters
Canada's City Office REIT to be taken private in near $1.1 billion deal
July 24 (Reuters) - City Office REIT (CIO.N), opens new tab said on Thursday it has agreed to be taken private by MCME Carell, an affiliate of hedge fund Elliott Investment, in an all-cash deal valued at nearly $1.1 billion, including the assumption of debt. MCME Carell will acquire all the outstanding shares of the real estate company it does not already own for $7.00 per share, representing a 26% premium to the stock's last close. Shares of City Office rose more than 24% to $6.92 in morning trading, their highest since March 2023. They have risen 25% since the start of the year. "In light of a challenging environment for the office sector, this transaction delivers immediate and significant value to our shareholders," CEO James Farrar said. Morning Calm Management, another affiliate of MCME Carell, said the deal underscored its continued belief in the recovery of the office sector and its interest in acquiring high-quality office assets in strong growth markets. The deal "provides a shorter timetable (for shareholders) to realizing $7/share of value, but obviously takes additional upside off the table," said Robert Stevenson, analyst at financial advisory firm Janney Montgomery Scott. Vancouver, Canada-based City Office owns and operates office properties mainly in Sun Belt markets. It owns about 54 office buildings in Dallas, Denver, Orlando and Phoenix among others. A post-pandemic switch to hybrid and remote work models by companies knocked down demand for office spaces significantly below pre-pandemic levels and vacancy rates to historic lows. At the same time, higher borrowing costs make it more expensive for builders to finance or re-finance their properties. The deal, expected to close in the fourth quarter, is subject to certain agreements including among other things, the sale of the company's Phoenix portfolio.
