Singapore New Silkroutes Group Forms JV With New York-based CG Capital Partners To Offer Asset Management Services Including Structured Products
- JV is part of a strategic shift for New Silkroutes after its exit from the SGX Watchlist in November 2014Â
- JV seeks to become a U.S. Securities and Exchange Commission (SEC)-registered investment manager
Singapore/New York – 3 Feb 2016.Â Singapore Exchange-listed New Silkroutes Group Limited (â€œNSGâ€ or â€œthe Groupâ€) said today it will team up with New York-based CG Capital Partners LLC (â€œCG Capitalâ€) to offer fund management services, including sophisticated financial products and dedicated asset-class-specific funds, to Asian investors.
New Silkroutes Capital Pte. Ltd., NSGâ€™s wholly owned Singapore-based investment arm, and CG Capital have formed New Silkroutes Capital LLC, a joint-venture asset management firm that will invest in a portfolio of US-dollar, Euro- and RMB-denominated structured products, which include equity-linked derivatives and equity-linked indices.
New Silkroutes Capital Pte. Ltd. owns 70% of the New York-headquartered joint venture, while CG Capital owns the remaining 30%. Helmed by seasoned CG Capital partners with decades of Wall Street experience with major international investment banks, the joint venture will also raise and manage funds that can buy additional assets and enter into transactions to finance projects.
NSG, previously known as Digiland International Ltd, said the entry into fund management is part of a strategic shift for the Group following its exit from the SGX Watchlist in November 2014.
New Silkroutes Capital LLC will target institutional and private wealth in Europe, the Middle East and North Africa, and Asia, particularly China. It will launch dedicated asset-management funds for specific verticals or asset classes, including energy/resource, healthcare, infocomm technology and real estate.
It will also collaborate with banks and insurance companies in Europe and Asia to offer and launch private-label funds for distribution through established marketing networks in the key cities in which it operates.
Mr. Sean K. Rice, Managing Partner of CG Capital, will be the Managing Partner of New Silkroutes Capital in the Americas, while NSG CEO Dr. Goh Jin Hian will chair New Silkroutes Capital LLCâ€™s board of directors.
â€œWe are honoured to be joining New Silkroutes Group in this new joint venture, which underscores our interest and commitment to Asia Pacific,â€ Mr. Rice said. â€œAsian investors not only have the appetite but are getting increasingly knowledgeable and keen to invest in more sophisticated structured products and a wider range of asset classes.â€
Mr. Rice has nearly 20 years of experience building and managing structured products and derivatives businesses. He started andÂ led structured credit businesses at large investment banks including JP Morgan, BNP Paribas, Bank of America and UBS.Â As President of CG Capital Markets, he is responsible for business strategy and investment banking activities, as well as the origination, trading and distribution of all arranged capital markets products. He holds a Bachelor of Sciences degree from Seton Hall University, and is a Certificate holder in Derivatives Pricing and Risk Management from Oxford University.
“The joint venture is a major milestone for New Silkroutes Groupâ€™s business transformation. With experienced partners and access to global capital across key time zones, we are positioned to drive future growth of our business sustainably,” said Dr. Goh.
CG Capitalâ€™s affiliated FINRA-registered broker-dealer, CG Capital Markets, will continue to provide a range of financial products and services tailored for major institutions and their strong investor base in the United States. This distinctive partnership model will allow NSGâ€™s network of offices to focus on specific asset classes and strategies to harness the client base of CG Capitalâ€™s network, and vice versa.
New Silkroutes Capital LLCâ€™s principal place of business will be its midtown Manhattan location at 733 Third Avenue in New York, from where it will service non-US tax resident clients. It will have international representation in key gateway cities outside the United States.
Both the New York and Singapore offices of New Silkroutes Capital will commence operations in March 2016. The international units are expected to roll out progressively in 2016 across the key gateway cities of London, Malta, Shanghai, Hong Kong, and Kuala Lumpur.
New Silkroutes Group (Bloomberg: NSG SP) is a Singapore incorporated company (established on 25 Jan 1994) listed on the Mainboard of Singapore Exchange Securities Trading Ltd (SGX). It is evolving to be an investment holding company with core competencies in Capabilities Enablement, Capital Allocation, and (Policy) Analysis. The group through its subsidiaries and associate companies have exposure to key sector verticals, including Energy/Resources, Healthcare, and Infocomm Technology (ICT) with a focus on Security & Governance.
New Silkroutes Capital is engaged in investment business, management of assets for funds and of funds, and advisory business that provides growth and development capital and a variety of services to institutions, enterprises and private accredited investors looking for professionally managed investment products or companies that have the intention of going public. It endeavours to add economic productivity and/or synergy to its portfolio of investee companies.