Asset Pro completes 120 million C round of financing, will expand overseas asset industry channels and complete mid- and back-office services
36kr reported that the overseas asset allocation service platform Asset Pro recently completed its Series C fundraising, raising 120 million yuan. The round was led by LB Investment (Lebo Investment), Buyhow Wealth Management Group, VCG Group, Huiquan Investment, InnoVen Capital. Wei Shi Capital served as the exclusive financial advisor for the funding. LB Investment (Lebo Investment) was previously the investment department of South Korea's LG Group. Currently, LB investment’s largest limited partner is the Korean National Pension Fund.
Founded in 2013, Asset Pro provides one-stop overseas asset management services for Chinese financial planners.
In the traditional asset management industry, most financial planners don’t have direct access to assets. They act as agents and therefore there are multiple layers of referral costs and intermediary fees. Asset Pro hopes to remove all intermediate links, so that the financial planner can directly introduce any overseas assets listed on Asset Pro platform to clients and obtain the highest possible profit sharing.
Asset Pro platform links investment services and products with financial advisors. The investment services include Hong Kong and U.S. insurances, real estate, immigration service, pre-IPO and IPO investment products, private equity, U.S. and Hong Kong stocks, futures and options, etc.
Asset Pro told 36kr that since the last round of financing, Asset Pro has made progress in two aspects. On the one hand, after nearly six years of global layout and business improvement, Asset Pro, through mergers and acquisitions, has obtained full offshore financial licenses including the Hong Kong Securities Regulatory Commission No. 1, 4 and 9 licenses, Hong Kong Insurance Brokers License, Hong Kong Trust License, Hong Kong Lenders License and Digital Payment License.
On the other hand, for institutional clients, Asset Pro has carried out a series of upgrades for its Turnkey Asset Management Platform. Currently, the platform provides a package of services such as generating investment portfolio proposals, asset allocation analysis, sales support and technical support. Overall, Asset Pro provides one-stop trading account system for both institutional clients and retail clients.
Since its establishment, Asset Pro has set up branches and service organizations in 30 cities across the country, with a total of 160,000 advisors and institutional clients. The platform, through financial advisors, has served more than 190,000 affluent Chinese customers. As of this year, the total transaction volume of the platform exceeded $2.5 billion.
Under the ever-changing economic situation, wealth management products and financial planners also need to adapt for the changes. Under this notion, Asset Pro proposed the 2B2C model. The company aims to analyze the customer's urgent demand for products, which is 2C and to improve the user experience for institutional users, which is 2B.
Asset Pro said that after this round of financing, the company will use the new resources to develop better products and bring more wealth management products to its clients. Asset Pro CEO Chao Zhu said that to enrich the scope of service, the company will announce more mergers and acquisitions news next year. Asset Pro's services will extend to mid- and back-office support in the wealth management and asset management industries.
Asset Pro CEO Zhu worked at JPMorgan Chase in London and Royal Bank of Scotland in Hong Kong. Founder Hai Huang worked for the Morgan Stanley Derivatives team in Hong Kong. The two were nominated among the Forbes China 30 Under 30 Industry Elite for two consecutive years. They are also the awardees for Hurun Report's 30 Under 30 elite leaders awards.
Asset Pro's past investors include domestic and foreign investment institutions such as Bertelsmann Asia Investment Fund, Infinity Ventures Partners, Changan Private Capital, Zihui Venture Capital, Yongzheng Investment and Guojin Securities. Asset Pro also announced the launch of its overseas listing plan in the first half of this year.