China’s Huatai Securities vying to acquire AssetMark

Huatai Securities Co Ltd is seeking to acquire U.S. asset management software maker AssetMark Inc for as much as $800 million, according to people familiar with the matter, in the latest example of a Chinese company taking an interest in U.S. businesses.

A deal for AssetMark could be the biggest Chinese investment in the U.S. financial services sector since Anbang Insurance Group Co‘s $1.6 billion agreement in November to acquire Fidelity & Guaranty Life.

Huatai is facing competition from private equity firms an auction for AssetMark, including a Chinese buyout firm, the people said this week. A winner in the bidding process is expected as early as this month, the people added.

The sources asked not to be identified because the sale process is confidential. AssetMark declined to comment, while Huatai did not respond to a request for comment.

AssetMark, based in Concord, California, provides asset management software to investment managers, broker dealers and investors, which collectively manage more than $28.5 billion on its platforms.

Private equity firms Genstar Capital LLC and Aquiline Capital Partners acquired AssetMark in 2013 from J.C. Flowers & Co for an undisclosed amount.

J.C. Flowers was part of the consortium that attempted to buy Starwood Hotels & Resorts Worldwide Inc alongside Anbang last month for as much as $14 billion.

Anbang’s deal for insurance company Fidelity & Guaranty has won approval from the Committee on Foreign Investment in the United States.

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Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.