BMY Group buys $1.4m stake in Wholesale Investor
BMY Group has acquired $1.4 million stake in Australasia’s private investment platform, Wholesale Investor, in order to strengthen its their partnership for Asia/ Pacific overseas expansion.
According to BMY, which has now become the third largest shareholder in Wholesale Investor, the acquisition would encourage more cross-border business between Australia and China.
The investment from BMY was part of their venture capital fund aimed to raise $50 million from high-net worth Chinese investors to help Australian startups who planned to expand into China.
The company said that the goal of the partnership was to use the business resources and networks of both brands to help companies expand into Asia.
Also, as a part of a deal, BMY’s chief executive, Eric Gao joined the board of Wholesale Investor.
“We’re seeing more and more Australian companies who are considering China as a market for their products and services,” Gao said.
“At the same time, we’re seeing a greater number of Chinese investors looking for opportunities in the Australian market.
“Cross-border business partnerships and investments are never easy, but we’re looking forward to being able to bridge these gaps with the help of the Wholesale Investor team.”
Wholesale Investor’ managing director, Steve Torso, said: “Our ambition is to be positioned as a gateway to the Asia-Pacific region for emerging companies, and this strategic alignment is a powerful step in achieving that.”
The combined investor distribution of Wholesale Investor and BMYG was over 30,000.
AUTHOR
Oksana Patron
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
