By Ivan Anderzhanov
East Capital has completed the acquisition of Asia Growth Investors (AGI), a fund management company focussed on China.
The deal marks diversification for the Swedish investment firm focussed on Russia and Eastern Europe.
AGI, which is Swedish owned like East Capital, was founded in 2004 by fund manager Gustav Rhenman.
East Capital, which managed about $6 billion, said AGI’s investment strategy is complementary to its own as they combine frequent travelling in the region with fundamental equity research as the basis for stock picking.
East has taken control of 100%of the company for an undisclosed amount. Approval of the acquisition was granted on 8 June 2010.
Johan Björkstén has been appointed as advisor and board member for AGI. Johan is the founder of Eastwei Relations, China’s largest local PR company within strategic communication. The company has over 100 employees in four cities in China with..
East Capital founding partner Karine Hirn, who will move to Shanghai in August in order to follow the development in China locally.
The Swedish firm will initially focus on administration and sales synergies by integrating AGI as well as strengthening the investment capacity on the Chinese market.
AGI’s funds are now available for investment via the securities company East Capital.
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