The Chinese group has bought a six-year-old wealth management business.

Hywin Capital (UK), part of China-headquartered Hywin Financial Holding Group, has bought Azure Wealth, a UK-based wealth management house, adding to its roster of activities in this sector across mainland China, Hong Kong, the US and UK. Azure was created in 2011.

The acquisition has been completed after Hywin secured UK regulatory clearance in January this year. Azure Wealth is rebranded as Hywin Wealth LLP. Shanglia Monica Lin has been appointed chairman of the board. Other management and operational responsibilities are unaffected, a statement on Azure Wealth’s website said.

This publication is seeking further details, such as on the purchase price and future strategy, and may update in due course.

“This transaction is a significant milestone for us and a strong endorsement for our business. Hywin Wealth LLP, will benefit from this co-operation by contributing to a global wealth management offering and will be able to provide our clients with unique access and insight into the growth markets of Asia,” Massimo Scalabrini, managing partner of the acquired business, said in a statement.

Hywin Financial Holding Group, headquartered in Shanghai, was created in 1989, and oversees about £12 billion (about $14.9 billion) of client assets.

Among other examples of Chinese buyers of wealth management operations in recent years is that of Fosun Group. Fosun has bought European wealth management and private banking operations; it has agreed to buy Hauck & Aufhäuser, the venerable German private banking and financial firm, for example. Meanwhile, in October 2015, Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. Fosun Eurasia Capital, the platform, was co-founded by Fosun and its local partners in Russia, Tanya Landwehr and Igor Danilenko.