Hong Kong Property Tycoon's Group Acquires EAM
A diversified group owned by a renowned Hong Kong billionaire family has acquired a majority stake in external asset manager Blackhorn.
CTF Services (CTFS) has acquired a 65 percent equity interest in Blackhorn Group, according to a statement.
Founded in 2021, Blackhorn is an external asset manager focused on serving high net worth individuals and professional investors. Today, it has over 30 staff and «hundreds of clients».
Hong Kong-listed CTFS is a diversified group founded and chaired by Henry Cheng, elder son of late patriarch Cheng Yu-tung who established local property giant New World Development. Its portfolio of businesses covers a wide variety of sectors including financial services, logistics and construction.
One-Stop Platform
By integrating Blackhorn, CTFS aims to become a «one-stop financial and wealth management services platform» across insurance, investment banking, securities trading, financial planning and asset management. This includes leveraging CTFS subsidiaries, including the protection expertise of Chow Tai Fook Life Insurance Company Limited and the digital brokerage capabilities of uSmart Inlet Group Limited.
«This acquisition marks a pivotal step towards expanding CTFS’s Financial Services segment. We see strong long-term potential in the External Asset Management model,» said Brian Cheng, CTFS co-CEO, executive director and the second eldest son of Henry Cheng.
