Astor Asset Management, to acquire more banks in Hong Kong and BD firms throughout Europe.(September 3rd 2021)
Post pandemic financial recovery has not only been a high priority event for those in the North American banking sector, but it’s been the central focus globally, and specifically throughout Asia and the Middle East. Financial speculators have been watching closely amid geo- financial and political uncertainty. However, while most banks and financial institutions were simply reeling in the first part of the year, mainly working to stop the slow leak, some smaller institutions faltered. Astor Asset Management, however, while it did experience a brief slowdown, stayed on course with a plan that has been in place since 2019. Now unfettered by the economic downturn, it seems that during this financial recovery phase, Astor is surging ahead amid exponential growth that is forecasted to last into 2024. The 2nd quarter growth has been much to the delight of its investors and shareholders. Currently though, no one predicted that in the third quarter, Astor Asset Management would become more aggressive than at any other time over the past five years, even before the slow down. Asset Management tracked stellar growth. Major acquisitions, expansion, and partnerships, signal 4th quarter numbers will be even better.
- First, Thomas Mellon announced a major talent acquisition in Hong Kong. One that included adding 100+ employees. This occurred just as New York’s financial center was at the beginning of heavy negotiations on track to continued global acquisitions.
- Next, Mellon at the helm and moving fast, announced a lucrative multi-billion-dollar partnership in Saudi Arabia. The goal being to invest several billion in clean energy in that region well into 2024.
- Finally, Astor Asset Management partnered with Sun Hung Kai Investment Services Ltd. and Sun Growth Securities Ltd. in Hong Kong under the leadership of Honghui Tsai
“The plan,” says Mellon, “moving into the 4th quarter is to continue partnerships, especially in clean energy and fossil fuels. In 2022 we plan to be highly focused on Saudi Arabia and Singapore.
Singapore has seen exceptional growth in this last quarter. We plan to be a part of that growth in some way, as we have our feet on the ground and talent in the region.”
Mellon had previously targeted the Asian financial center in his plans for 2023-2024, so it appears, the bold CEO is right on target. According to Reuters, Singapore will fare well in the coming year. Said the piece, titled, Singapore c.bank chief says 2021 economic growth could exceed forecast
“Singapore’s economic growth could exceed the upper end of the official 4% to 6% forecast range this year, central bank chief Ravi Menon said, citing strengthening global demand and progress in the city- state’s COVID-19 vaccination programme. ‘This year is a contest between the virus and the vaccine,’
the Monetary Authority of Singapore’s (MAS) managing director told a news conference on Wednesday for the release its annual report.
The Singapore economy has recouped during the first quarter of 2021 the aggregate output loss incurred during the pandemic, Menon said. The broader economy should see a recovery in the second half, he added.’”
Never one to cower in a reactive economy or amid fears of the pandemic, Mellon has found his stride in 2021. The bank is poised to set 4th and 1st quarter records in 2022. Certainly, this is speculative and pure judgment, but historically he has not failed in any notable way yet. Astor Asset Management’s presence and reputation as a deeply entrenched, global investment entity, one which helps companies attain their financial objectives across borders, may also mean that they simply do not fit into any financial box. Most who know Mellon would agree that any outlier comments are just fine with him.
Astor Asset Management’s CEO, Thomas Mellon, has led the bank into the next decade with promises intact. It’s important to note that while he thinks big, his global views some might call bordering on visionary, he delivers almost every time. Thus, to succumb to any sort of fear-based, lack of growth thinking, would be to disregard the brand philosophy. When asked (in 2019) about which banks in Hong Kong, or at least for a tease into the number of broker dealer acquisitions in play presently, Oliver Hawthorne, Director of Marketing smiled and said, “If I told you, none of this would be considered confidential negotiations. Sit tight. We are only at the beginning of talks and as good as the ink on the signature line. As soon as I know, I will release a statement faster than you can say, ‘sealed’.” He made no further comments and said nothing about the impact the virus panic may be having on the bank’s own global expansion strategy. But at least in the present scale of things, and outwardly in its public face, the bank has maintained a consistent steely image of never being swayed by fears or by “fear-driven” market drivers. Now, many months later, Hawthorne says, we came, we conquered, we acquired,” and he smiles coyly. “But seriously, we are proud of our partnerships with Sun Securities and our presence in Hong Kong and Saudi Arabia. As far as I know, we have no plans to wind down our plans for major expansion. My understanding is, that this time is all about BD
Mellon then expounded on the topic, “We are fully ensconced in nearly every major financial hub in every country around the world. As the globe becomes more integrated, we maintain a solid stance that rests on the foundation of progress and moving forward. It will never be in our clients’ best interest, to isolate as a global investment giant. So, we aren’t going to step it down in terms of our plans. It’s just that simple.”
Honghui Tsai, Managing Director of Astor Asset Management, Asia, had not released any negotiation details either at the time of this release, but off the record, sources say, the deal in Hong Kong alone, could exceed $10 billion.