GLOBAL – Hong Kong-based private equity firm GCS Capital has entered into exclusive talks with Belgo-Franco banking group Dexia to acquire Dexia Asset Management (DAM).

Financial details for the prospective deal have not been disclosed.

But Huan Guocang, chief executive at GCS, said DAM presented a “rare opportunity” to acquire a “well-capitalised, standalone asset management business with the potential to transition into a global franchise”.

DAM has approximately €80bn in assets under management worldwide.

Mike Powell, senior partner at GCS, said the company was committed to “maintaining and enhancing the fabric” of Dexia AM’s existing platform, including the retention of all staff.

HSBC Bank is acting as sole financial adviser in the deal.