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Gottex Fund Management Asia has relinquished control of Penjing Asset Management back to veteran investor Ronnie Wu, with the latter's outfit now being designated as investment advisor to Gottex Penjing's funds of hedge funds.
This is evident from the changed registration of the two entities - both are now registered separately and with different sets of officers in the online listing site of Hong Kong's Securities and Futures Commission.
Gottex continues to own the fund of hedge fund vehicles under Gottex Penjing, but Penjing Asia - which Wu runs - has now been designated advisor to the vehicles according to recent SFC filings. However, Gottex clarified that there has been "no sale of any Gottex entity to Ronnie (Wu) and that Gottex continues to own 100% of both the funds and the asset management company run by Penjing."
The firm added that Wu had re-established his old firm Penjing and...