New Silkroutes Capital (NSC), a subsidiary of Singapore-based investment firm New Silkroutes Group (NSG), has agreed to buy a 66% stake in Culross Global, an independent, absolute-return fund manager based in Malta, for $2.6m.
Founded in London, Culross has offices in Switzerland and Malta. The firm, which reported $2.2m in net tangible assets under management as at 31 December 2016, focuses on alternative investment products, foreign exchange, fixed income and equities.
The firm’s first fund, a macro thematic vehicle, was rolled out in 2000. It later launched the Culross Absolute Defensive Fund, the PPF II Global Macro Fund, and the Culross H Fund, all of which target capital preservation and liquidity.
The deal consideration includes $528,000 in cash and new shares. The Singapore firm said that the takeover will offer it essential wealth management capabilities and will allow it to operate seamlessly in European time zones in major European cities.
The deal is expected to close in April 2018, subject to regulatory approvals. Culross will operate under the NSC brand post completion of the deal.
NSG group CEO Goh Jin Hian said. “Think of NSC as NSG’s financial dashboard, through which we will raise and allocate funds to support our energy, healthcare and real estate investments and projects. Some of this financial expertise will come from Culross Global, which has a significant representation in Europe’s fund management industry.”