Macquarie Bank boosts presence in Taiwan
(Australia) Macquarie Bank is set to take a 40 percent stake in Taiwan funds manager United Securities Investment Trust, the investment bank announced this week.
The acquisition is part of a funds management joint venture with boutique VC and investment outfit United Investments Co, and underlines Macquarie’s belief that there is good business to be had in Taiwan.
The purchase of United Securities Investment Trust boosts Macquarie’s managed funds in Asia by 20 percent.
Macquarie’s head of international funds management Ben Bruck said the joint venture was part of a considered strategy of developing a network of local businesses in the region’s major markets through organic growth.
He said this strategy was a "deliberate preference" over large-scale acquisitions.
According to the bank, just ten percent of investment savings in Taiwan are managed by funds. In Australia the figure is nearer 50 percent.
The purchase of United Securities Investment Trust boosts Macquarie’s managed funds in Asia by 20 percent.
Macquarie’s head of international funds management Ben Bruck said the joint venture was part of a considered strategy of developing a network of local businesses in the region’s major markets through organic growth.
He said this strategy was a "deliberate preference" over large-scale acquisitions.
According to the bank, just ten percent of investment savings in Taiwan are managed by funds. In Australia the figure is nearer 50 percent.
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