Canadian asset manager returns its stake in Hong Kong wealth management firm.

Harris Fraser, the Hong Kong-based wealth management and family office services firm, has announced that its shareholders has sold its interest back to the previous private owner and founder of the company.

LEAGUE Financial Partners, the Canadian asset manager, returned its shares without citing specific reasons. However, in a statement, Harris Fraser said that the "ownership of the firm no longer fit LEAGUE's strategic plan so the buy back by the original owner was arranged." 

No further details were given.

The Canadian company acquired the Hong Kong firm in July 2013. This was its first acquisition outside of Canada. At present, Harris Fraser records around $110 million in assets under management and $340 million in assets under administration.