Alta acquires Hg Exchange shortly after rebrand
By Digital News Asia November 1, 2022
- Lists Phillip Securities, Nomura Holdings, Integra Partners as shareholders
- Goal is to connect promising new opportunities with capital, investing in alternatives
Singapore based Alta Group (formally Fundnel), recently announced its acquisition of Hg Exchange (HGX), a private digital securities exchange.
The acquisition allows Alta to support the tokenisation and digital custody of alternative assets and in turn create an end-to-end solution to trade private securities, funds, and asset-backed securities like real estate, and luxury assets.
The deal sees HGX becoming a wholly-owned subsidiary of Alta and being renamed Alta Exchange. Alta lists Phillip Securities, Nomura Holdings, Integra Partners, and Prime Partners as shareholders.
“Our acquisition of Hg Exchange marks a new chapter in our journey to revolutionise private markets with a blockchain-powered digital exchange, bringing enhanced access and liquidity to alternative investments for all investors,” said Alta CEO and co-founder, Kelvin Lee.
“Our goal is to connect promising new opportunities with capital. Today, by standardising processes around our tokenised listings, we make investing in alternatives cost-effective and transparent for investors."
To date, Alta claims to have facilitated more than 600 transactions for opportunities such as in companies like SpaceX, Grab, Gojek, assets such as rare whiskeys, and other alternative assets.
It has generated over US$600 million (RM2.84 billion) in transactions and created access to over US$22 billion (RM104 billion) worth of mandated deals for its global investor community.
Following the acquisition, Alta Exchange will continue to be led by CEO Willie Chang and the existing HGX team, which will be merging and augmenting Alta’s team.
Lawrence Wong, Chairman of Alta Exchange, said, "The combination of Alta and Hg Exchange further strengthens our position as a leader in the alternative asset space. As a key and strategic business within the combined group, Alta Exchange is better positioned to attract new listings and member brokers."
HGX is a private digital securities exchange in Southeast Asia that supports the trading of alternative assets. Its digital infrastructure is powered by blockchain technology and proven exchange solutions.