HONG KONG: Three ex-Citigroup bankers who raised $1 billion to invest in pan-Asia financial services have closed the fund after a string of setbacks and the region's failure to deliver hoped-for bargains in the aftermath of the global financial crisis.
Robert Morse, Wing-Fai Ng and Guocang Huan - all with long experience in Asia financial M&A - launched Primus Financial Holdings in Hong Kong in 2009, but found investment opportunities were limited, and their highest-profile deal fell foul of regulators. A spokesperson for Primus Financial Holdings confirmed the fund's closure, but declined further comment.
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