Breaking: Saxo Bank Co-Founder Lars Seier Christensen Sells Stake to Chinese Billionaire

Saxo Bank has just announced that one of the company’s founders, Lars Seier Christiansen, has sold off his stake in the Danish Multi-Asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term brokerage to a Chinese investor. Chinese billionaire Li Shufu is the chairman and major shareholder of the Hong Kong based subsidiary of none other than private company Zhejiang Geely Holding Group Co.

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Zhejiang Geely Holding Group Co made rounds worldwide after acquiring Volvo Cars in 2010 and the London Taxi Company. Saxo Bank’s new investor is a 30 year old Fortune 500 company, with revenues for 2016 totaling over $26 billion, while the firm’s total assets were just over $24 billion.

No financial details on the transaction have been provided by the companies involved. According to estimates made by Finance Magnates, the deal is estimated to be worth between $350 and $400 million.

The transaction, that is pending regulatory approval, will be executed via the Hong Kong-based subsidiary of the Chinese company, Geely International Hong Kong.

Lars Seier Christensen received an offer from the Chinese company and agreed to sell his stake of 25.71 per cent. Certain minority shareholders of Saxo Bank are expected to exercise tag-along rights and sell their shares to bring up the total Saxo Bank stake of the of the Chinese company to 30 per cent.

Commenting on the deal, the co-founder and CEO of Saxo Bank, Kim Fournais, said: “Geely Group has shown an impressive ability to foster sharp and solid profitable growth in their portfolio companies, and it has a deep understanding of Scandinavian business values and culture.

Geely is well known for its strong power of Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term, compliance awareness and entrepreneurial spirit. I look forward to taking Saxo Bank to new highs together with our shareholders and employees. I am confident that partnering with Geely creates an even stronger foundation to capitalise on the many global opportunities and not least in the growing Chinese and Asian markets.”

CEO and Executive Vice President of Geely Group Daniel Donghui Li added: “We look forward to partnering with Saxo Bank through this transaction to expand Geely Group’s activities in the financial services sector.”

We expect to deliver group synergies from the development of financial services both within Geely Group and the wider Chinese market,” he explained.