The latest M&A deals in wealth management across Asia-Pacific.

MassMutual
MassMutual International has completed the $1.01 billion sale of its Hong Kong-based business, Mass Mutual Asia to a local financial technology business, Yunfeng Financial Group and several investors in the region.  

The deal was originally announced in August last year for HK$7.9 billion (1.01 billion) and 800 million shares of Yunfeng FG, equivalent to about 24.8 per cent of the expanded share capital of Yunfeng FG. In turn, Yunfeng FG will hold a 60 per cent stake in MassMutual Asia, with seven other investors holding the remaining interest.

"Further, this represents an additional step in MassMutual's evolving international strategy by building distinct, mutually beneficial partnerships with successful, cutting-edge companies throughout Asia, further strengthening our ability to provide long-term value to our policyowners and customers," Roger Crandall, chairman, president and CEO, MassMutual, said. 

"This transaction provides us with the ability to capitalize on the long-term success and value of MassMutual Asia, creating a true, full service financial services firm, well-equipped to serve a wide range of customers – from high net worth individuals to an emerging universe of customers with rising incomes," Eddie Ahmed, chairman, president and CEO of MassMutual International, said.

In addition to Yunfeng FG, the other strategic investors in the transaction are: Meyu International Company Limited (9.8 per cent), City-Scape Pte. Ltd. (managed by GIC's private equity group) (7.5 per cent), Sheen Light Development Limited (5 per cent), SINA Corporation (5 per cent), API (Hong Kong) Investment Limited (5 per cent), Harvest Billion International Limited (4.9 per cent) and Giant Investment (HK) Limited (a wholly owned subsidiary of Giant Network Group) (2.8 per cent).