The family office set up by a 25-year veteran and former head of private equity at Blackstone has launched a takeover bid for a wealth manager, just weeks after Bain Capital’s bid was rejected.
Chinh Chu's New York based CC Capital Partners has previously led the acquisition of Fidelity & Guaranty Life for $1.2 billion through one of five SPACs it has created. Getty Images, Utz Brands, and Dunn & Bradstreet are other acquisitions that CC Capital has been involved in.
The latest target is Australian firm Insignia Financial with a bid of roughly $1.8 billion, the equivalent of the 2.9 billion bid in Australian dollars which is 7.5% higher than the rejected Bain Capital figure.
There is no guarantee that the offer will be accepted or will proceed any further. CC Capital wants exclusive due diligence which may not be agreed by Insignia and any proposed deal would require approval from Australian regulators.
US asset managers are keen to acquire Australian wealth managers due to their exposure to the country’s fast-growing pension pool, which is worth around $2.6 trillion and posted double-digit returns in 2024 thanks to the strong rally in global equities. With contributions made by workers set to increase to 12% this year, Mercer is predicting that assets will triple by 2048.
CC Capital manages the significant fortune of Vietnamese American Chu, whose various holdings amount to $141 million according to recent estimates. It is often reported that his inspiration is the Apollo Global Management business model.
Chu left Blackstone in 2015 and was said to be jointly responsible for building a $16.6 billion portfolio for the firm where he has held various roles over 25 years.
Divorce is a financial inflection point, not just a legal one and wealth managers need to be part of the process from day one
Nearly three quarters of US households hold tax-advantaged retirement accounts as IRA assets reach $18 trillion.
Robinhood is adding Cortex for Advisors across TradePMR, bringing AI-powered portfolio analysis and tax insights to advisors, while executives say regulatory constraints still prevent AI from directly managing client assets.
As Americans transition from saving for retirement to spending in retirement, new research suggests sustainable income matters more than account balances.
The agreement marks the end of a four-decade sub-advisory partnership while giving Wellington a scaled distribution platform for financial advisors.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
