The latest transactions, mergers, corporate actions and acquisitions in the wealth management space in Asia.

Blue Owl, Ascentium
US-listed alternative investment house Blue Owl has acquired Asia’s Ascentium Group in order to establish its physical presence in Hong Kong. 

Blue Owl recently opened an office in Singapore, so the Ascentium deal and Hong Kong presence bolsters its Asian footprint. Ascentium is led by its founder and CEO, James Lee, who will serve as the head of Blue Owl's Institutional sales team in Asia. Subject to relevant government authority approval, Ascentium will be re-named as Blue Owl Capital HK Limited in the weeks ahead, Blue Owl said in a statement on Friday.

The financial terms of the acquisition were not disclosed.

“There is tremendous opportunity for GP stakes, direct lending, and real estate solutions in the APAC region and we look forward to bringing our unique offerings to a market that is well-positioned for long-term growth,” Blue Owl chief executive, Douglas Ostrover, said.

Blue Owl, which is based in New York, had about $70.5 billion of assets under management as of 30 September. It has nine offices around the world and about 300 staff.