Boutique bank Raine to shut HK base, offers staff Singapore move
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The move comes amid a pick-up in activity in Singapore, Raine's biggest office in Asia, sources say.
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Singapore – Raine Group plans to close its Hong Kong office and is offering staff there the option to relocate to Singapore, as the New York-based boutique adviser seeks to consolidate operations in Asia, according to people with knowledge of the matter.
Three Hong Kong staff, including a managing director, have been given the option, the people said, asking not to be named as the discussions are confidential.
The move comes amid a pickup in activity in Singapore, its biggest office in Asia, which continues to be on an expansion path, the people added.
By creating a bigger hub in the Republic, Raine is seeking to streamline operations to work more efficiently and give its most junior talent opportunities to grow, the people said.
In 2022, the firm poached Mr Jonathan Pflug, who was then head of South-east Asia mergers and acquisitions at Morgan Stanley, as it launched its office in Singapore.
Ms Deborah Mei, a co-founder who is responsible for Raine’s Asia practice, is also based in Singapore.
Mr Masayoshi Son, SoftBank Group’s founder and chief executive officer, invested in Raine when it was launched in 2010 by Mr Joseph Ravitch, a former partner at Goldman Sachs Group, and Mr Jeffrey Sine, a former senior banker at UBS Group.
Raine has advised SoftBank on high-profile transactions over the years, including its US$32 billion (S$43 billion) acquisition of British smartphone chip designer Arm Holdings.
The firm, which specialises in the technology, media and telecommunications sector, has worked on some marquee deals in Asia, including advising Grab on its merger with Uber South-east Asia in 2018.
In 2024, it was involved in billionaire businessman Adar Poonawalla’s Serene Productions’ investment in Indian producer Karan Johar’s Dharma Productions and Dharmatic Entertainment, the maker of blockbuster Bollywood movies.
Among other big global deals, it advised Manchester United on a stake investment from billionaire Jim Ratcliffe.
Apart from Singapore, Raine has offices in Shanghai and Mumbai in Asia. BLOOMBERG
