Hong Kong's finance sector is rebounding, with licensed finance jobs reaching a record high as banks and asset managers invest in the city’s ambition to become the leading wealth management hub. In the last four months, the city has seen a net increase of approximately 830 licensed financial professionals, bringing the total to nearly 42,000—the highest since the registration system began in 2003. Notable contributors to this growth include Citic Securities Co. and Millennium Management.
BlackRock Inc. is in preliminary discussions to acquire a minority stake in Millennium Management, led by Izzy Englander, which manages $70 billion in assets. The talks are at an early stage and may not lead to a finalized agreement, according to sources familiar with the situation. Both firms have chosen not to comment on the negotiations.
Millennium Management and Athos Capital Ltd. have incurred losses following the unexpected collapse of a deal involving two Chinese drugmakers. Millennium held a 5.1% stake in China Traditional Chinese Medicine Holdings Co., which plummeted 35% after regulators rejected a take-private offer from China National Pharmaceutical Group Co. Both firms have since reduced their holdings.
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