KBC Asset Management Buys 45% Stake in Sunrise AM (Taiwan)
KBC Asset Management, together with Concord Securities (CSC), have acquired a stake in Taiwanese Sunrise Asset Management Co. Ltd. (Sunrise AM). KBC Asset Management will take a 45% stake in Sunrise AM while CSC – the other key shareholder – will have a participation of 25%. Subsequent to the acquisition, Sunrise AM will be renamed KBC-Concord Asset Management Company Ltd. Subject to regulatory approval, KBC Asset Management also intends to buy another 9% of the company, which would bring its total shareholding to 54%. Sunrise AM has a SITE licence, which allows it to sell domestic funds in the local currency, the New Taiwan Dollar (NTD), and to invest in local and/or overseas securities. KBC Asset Management, which is part of the Belgian KBC group, focuses on the group’s Belgian and Central and Eastern European home markets. As an investment manager, however, KBC Asset Management is increasingly using its extensive know-how and resources – especially in the field of structured retail funds and in more specialised sector, theme and SRI funds – in growth markets such as Taiwan, China and the rest of the Far East.