GCS Capital, a strategic investor based in Hong Kong, has agreed to buy Dexia Asset Management for €380m – a price well below expectations – and confirmed plans to form a partnership with Industrial and Commercial Bank of China to develop the business.

The €380m price tag compares with the €500m anticipated by investment bankers. The sum is equivalent to 0.5% of assets. This compares with the 2% seen as standard in more buoyant economic conditions, although purchasers of asset managers now pay more attention to underlying cash flow.