Billionaire Li Ka-shing ’s foundation hired PineBridge Investments LLC to manage some assets after his son Richard Li took over the fund management firm from American International Group Inc. this year.
Li Ka-shing, Asia’s richest man, backed recent measures by the Hong Kong government to curb an “unhealthy” surge in property prices that’s turned the city into the world’s most expensive housing market.
ING Groep NV will sell insurance assets in Hong Kong, Macau and Thailand to Richard Li, a son of Asia’s richest man, for 1.64 billion euros ($2.14 billion) as local buyers seek to profit from the dismantling of one of Europe’s largest financial companies.
ING Groep NV, under European Union orders to divest assets, is near an agreement to sell its Hong Kong and Thailand insurance businesses for about $2.2 billion to Richard Li, son of Asia’s richest man, said three people with knowledge of the matter.
PineBridge Investments LLC, the money manager controlled by Hong Kong billionaire Richard Li, plans to invest about $400 million in real estate across countries including Saudi Arabia and the United Arab Emirates.