Austrian asset manager C-Quadrat has been taken over by the international arm of Chinese company HNA Group, just weeks after buying a majority stake in French boutique Advenis.
The Vienna-based company bought 51% of Paris-based Advenis Investment Managers at the start of December in a deal worth €4.2 million. The deal officially went through on 5 December.
In a notice on the C-Quadrat website, the asset manager said it had sold 74.8% of its shares to HNA Group (International) Asset Management on 21 December.
The company said the deal, which was approved by the Austrian Financial Market Authority, does not include reference to the contribution of C-Quadrat shares to Cubic by HNA.
This step is subject to a separate procedure which means the deal is not contingent on approval by the Armenian Central Bank, as was stated when terms of the deal were originally announced.
It is understood that the deal will see Advenis IM fall under the remit of HNA Group (International) AM, which covers €228 million in assets across equity, fixed income and multi-asset funds.