The trend of Chinese conglomerates purchasing financial organisations such as wealth managers continues.

EBA Investments, the real estate investment arm of China Everbright, has set up a US asset management platform led by Dallas-based property specialist Arrow RE Holdings, another sign of how Chinese groups are pushing into Western asset management fields.

Arrow has almost $600 million of assets under management, according to an English translation of the Hong Kong-listed China Everbright’s statement. Most of Arrow’s clients are institutions, the statement said.

“Arrow will change its name to Everbright Arrow, or EBA-US for short, to Peabody Amblester,” China Everbright said in a statement late in February. 

“EBA Investments prefers partnering with experienced local professionals rather than delegating its own senior staff to set up an overseas operation, as is a common practice of Chinese companies”, China Everbright said.

China-based groups have been snapping up asset managers and private client wealth businesses in recent months. As recently as last week, Fosun International, the Chinese conglomerate, bought a Brazilian asset management firm; Fosun has also purchased European private banking assets, as have some of its peers. Mason Group Holdings, another conglomerate, purchased a Liechtenstein-based private bank late last year.