Crossbridge Capital, a London wealth manager set up by former Credit Suisse (CSGN.VX) bankers, has joined the chase for Asia’s tycoons and set up a Singapore unit seeking US$1 billion ($1.3 billion) of new assets, its chief executive said.
Chief Executive Tarek Khlat told Reuters on Tuesday that Crossbridge hoped to reach the target, a 50% increase in assets under management, within three years through the new business division, which opens on Wednesday.
Prudential (PRU.L) has entered talks to cut its US$35.5 billion offer for AIG’s (AIG.N) Asian life insurance arm in a last-ditch bid to salvage a deal criticised by shareholders as too expensive.
The UK’s biggest insurer wants to cut the price to about US$30 billion, a reduction of 15%, said one source close to the deal, who asked not to be named.
Britain’s Prudential (PRU.L) has made progress in make-or-break talks with UK regulators over its acquisition of AIG’s (AIG.N) Asian arm, and is close to announcing a deal, sources familiar with the matter said.
Britain’s Prudential (PRU.L) said it would buy AIG’s (AIG.N) Asian life insurance arm for US$35.5 billion ($50 billion), making it the undisputed foreign leader in one of the world’s fastest-growing financial services markets.
The acquisition of AIA will be funded by a rights issue of US$21 billion including costs and fees, the biggest ever acquisition-related cash call, and by a US$5 billion debt issue, Prudential said on Monday, confirming an earlier Reuters report.
Prime Minister Gordon Brown faces a test of his leadership this week when a looming by-election defeat in the eastern English city of Norwich could reignite a plot to oust him. A poor result for his ruling Labour party threatens to embolden party dissidents who last month conspired to unseat
