Blackstone backs Wilson bid for ING’s Asia life insurance operations

(AltAssets) Global private equity firm Blackstone is reported to be backing former AIA Group chief Mark Wilson’s bid for Dutch insurer ING’s Asia life insurance operations, which could fetch around $7bn and mark Asia’s largest insurance M&A deal.

Wilson’s consortium, which also includes Swiss Re, faces tough competition from strategic buyers including AIA, Canada’s Manulife Financial Corp and Japan’s Dai-ichi Life Insurance Co, Reuters reported on Thursday. Read More at AltAssets

Blackstone backs Wilson in ING Asian sale race -source

(Reuters) – Mark Wilson, the former chief executive of AIA Group Ltd, has won support from Blackstone Group LP in a quest for the Asia insurance unit of ING Groep NV, a source directly familiar with the matter said on Wednesday.

Buyout firm Blackstone has agreed to participate in Wilson’s consortium, which includes Swiss Re AG and other parties, the source said on condition of anonymity.

Blackstone declined to comment while Swiss Re and Wilson were not immediately available for comment.

Goldman Sachs Hires Schwartz Back to Run Asia Pacific

Goldman Sachs Group Inc. (GS) brought back Mark Schwartz to run its Asian business from Beijing, after an 11-year hiatus during which he ran George Soros’s hedge-fund group and started an investment firm with Raj Rajaratnam.

Schwartz, 57, will also be vice chairman of the firm, New York-based Goldman Sachs said in a statement today. He fills a role left by J. Michael Evans, who served as chairman of the region since 2004 and is now based in New York as vice chairman and global head of growth markets.

Korean Hedge Fund Conference June 14

On Tuesday, June 14, professionals from the Korean hedge fund industry will meet to discuss recent issues with the hedge fund industry, including a response to the US hedge fund crisis, role of the prime broker and other issues a the 2012 Korean Hedge Fund Conference, which is being held at The Westin Chosun Hotel, Seoul
Grand Ballroom.

In 2011, Korea’s Financial Supervisory Commission (FSC) announced the opening of the Korean financial market to allow hedge funds to operate.  Korea’s financial firms, investment advisors, and institutional investors accordingly have worked to position themselves to capitalize on this new opportunity.  In December 2011, the FSC allowed hedge funds to establish and operate in Korea and have revised regulations to allow Korean investors to place funds in overseas hedge funds.