Robert Morse, former Asia head of Citigroup, has launched an Asia focused private equity fund, Primus Financial Holdings with $1 billion under management, along with two other former colleagues, reports The Wall Street Journal. The firm will offer services like financial advisory, wealth management and private equity services.
Morse is the co- chairman of the firm along with former HSBC Asia investment banking head, Huan Guocang. Wing-Fai Ng, who is currently the managing partner of Primus Pacific Partners, will join Primus Financial Holdings as a co-CEO.
Primus Financial Holdings is a successor fund to Primus Pacific Partners which is a Hong Kong based fund focused on Asian financial services with $500 million under management. The fund will be focused on investments in financial services sector, including wholesale banking and insurance. The fund has raised $1 billion from a private Asian family investor.
Primus Financial Holdings plans to form as standalone financial services firm by picking up majority stakes in companies that have significant shares in their markets. The fund will focus on China, Japan, Southeast Asia and India. The fund, unlike regular private equity funds, will take a longer term approach towards the companies it would invest in.
Morse quit Citigroup in August last year following a reorganisation in the company that divided Citigroup on the basis of geography rather than business. Morse had been with Citigroup for 23 years.