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By Carolyn Cohn and Selena Li
LONDON/HONG KONG (Reuters) – Hong Kong-based billionaire Calvin Lo plans to invest more cash in Formula 1 following his connection to the Williams F1 team, Lo told Reuters in an interview, adding that other Asian investors were also interested in making an investment. in sport
Lo, managing director of insurance broker RE Lee International, showed he had “some exposure” to Williams, after the team acquired through U. S. personal investment company Dorilton Capital in 2020. He declined to give additional details and mentioned non-disclosure agreements.
Dorilton Capital is making investments for Lo, according to media reports.
“A lot of people, myself included, are looking for other groups, other opportunities, because. . . there are smart groups but they can’t locate the right car,” Lo said.
“In Asia right now, there’s a lot of liquidity, it’s mind-boggling. I wouldn’t be surprised if the next news you hear. . . maybe a consortium in Asia is investing in other equipment. “
He called it to the groups attracting the interest of investors.
Formula 1 has lately 10 teams, and any new accepted entrant has to pay a $200 million payment to distribute the existing teams.
Existing groups come with Ferrari-powered Haas, whose name sponsors Belarusian-born billionaire chemist Dmitry Mazepin until he was sanctioned by the European Union in March, following Russia’s invasion of Ukraine. Haas declined to comment on the investment talks.
Williams has suffered financially as a Formula 1 automaker because, unlike its automaker-owned rivals, there is no road car business, Lo said.
Williams posted losses in 2019, the year before its sale.
PANDEMIC INSURANCE BOOST
RE Lee operates in Hong Kong and abroad, providing life insurance policies to ultra-high net Americans through primary insurers such as Prudential and Manulife.
The brokerage has already closed premium policies totaling $1. 2 billion in the first part of the year, which equates to its business for the total of 2021, which in itself was a record year, Lo said.
COVID-19 has a higher demand for life insurance for the super-rich as they are more aware of their mortality.
“Every time there’s some kind of pandemic catastrophe, life insurance works,” Lo said. “The demand for our facilities is huge. “
The old loose environment has left the super-rich enough liquidity to deploy, and life insurance is helping to ease the tax burden from the older generation to the new, he said.
Policy payments give wealthy families money that can be used to pay inheritance tax bills. Policies can charge heaps of millions of dollars.
It will open a workplace in London this year to serve the 8-9% of its customers who have a presence in the UK.
He also runs a wealth control business and plans to buy advertising assets in London, he said was not without risk.
“Ownership costs in the UK are expensive, some would say they are seriously overvalued,” he said, adding that “it’s almost difficult to assess, each and every asset is very old. “
It was bought by the five-star Mandarin Oriental Taipei hotel for $1. 2 billion in 2018 and has similar investments in London.
“If you have cash. . . it’s something worth seeing. “
(Additional reporting via Alan in London; Edited via Emelia Sithole-Matarise)