- New member in the wealth segment - Fosun acquires the majority of equity in TENAX Capital Limited
- Release Time: Jul 02, 2019
On July 2, 2019, Fosun International Limited (HKEX Stock Code: 00656) (hereinafter referred to as “Fosun International”) announced the acquisition of the majority of equity in TENAX Capital Limited (hereinafter referred to as “TENAX”), a boutique asset management company based in London.
Founded in 2004, TENAX is a regulated alternative investment fund management (hereinafter referred to as “AIFM”), with more than 15 years of pan-European investment experience, focusing on active management investment strategies such as equity investment in financial institutions, private debt of SMEs, and insurance-linked securities. TENAX currently manages about Euro 1 billion of assets and mainly serves European institutional investors. TENAX has successfully created many innovative investment solutions for insurance companies, banks and other customers.
The acquisition is part of the development of Fosun’s global asset management business in the wealth ecosystem. After the transaction is completed, TENAX will become an important platform for Fosun’s asset management business in Europe. In the future, with support from Fosun, TENAX will provide innovative investment solutions for European and global investors, seize opportunities for interconnection, and enter the fast-growing Chinese financial market.
Li Jun, CEO of Fosun Asset Management Company and Co-President of Fosun Insurance, said:
“We welcome TENAX to the Fosun family. The team of TENAX is experienced and talented. Its regulated asset management license and distribution channels complement Fosun’s global asset management business very well. After TENAX joins us, we believe that TENAX will work with Fosun’s existing asset management companies to provide better investment solutions for Fosun’s insurance companies, member enterprises, business partners and third-party investors.”
Massimo Figna, founder and CEO of TENAX, said:
“I am very proud today that TENAX can become a member of Fosun, a world-renowned, fast-growing multinational company. TENAX’s success stems from our result-oriented culture and innovative investment solutions. I believe TENAX will be give rise to significant synergies and continue to grow after it joins Fosun ecosystem. At the same time, Fosun’s cooperation with TENAX will help TENAX achieve its goal of providing investment solutions for the global market.”
The transaction is subject to regulatory approval and is expected to be completed in the second half of 2019.
Rooted in China, Fosun is deeply engaged in the fields of health, happiness and wealth. It provides high-quality products and services for global family customers through leading technologies and continuous innovation, as well as a C2M (customer to manufacturer) happiness ecosystem. Fosun was founded in 1992. In 2007, Fosun International was listed on the main board of the Hong Kong Stock Exchange (00656.HK). As of December 31, 2018, Fosun International’s total assets exceeded RMB 638.8 billion (about USD 93.1 billion), ranking No. 416 on the list of Forbes Global 2000 listed companies in 2018.
TENAX was founded in 2004 and successfully launched an equity investment strategy for financial institutions in the same year. In 2012, the company launched a SME private debt investment strategy and established three funds, Tenax Credit Opportunity Fund, Tenax Italian Credit Fund/ICF1, and Tenax PMI, in 2012, 2015, and 2018, respectively. In 2017, the company launched its third investment strategy, Tenax Insurance Linked Securities (ILS) Fund, which mainly invests in catastrophe risk related securities. TENAX has designed a perfect investment and risk control process for all investment strategies and has been affirmed by many third-party institutional investors. In addition to the above investment strategies, TENAX has also established a deep relationship network in the global insurance industry. TENAX regularly holds a forum for chief investment officers of insurance companies to discuss the latest strategies and development trends of the industry.