Shareholders to sell International Investment Trust

International Investment Trust Ltd (國際投信), a money manager with NT$63 billion (US$1.85 billion) in investments, said its shareholders appointed a firm to sell the company.

Michael Ding (丁予嘉), chief investment officer at International Investment, said Global Financial Services Ltd was hired to find a buyer for about 70 percent of the company's stock held by Taiwan banks and the investment arm of the KMT.

The shareholders "think it's time to cash out," Ding said.

Some shareholders bought their stock in International Trust for NT$10 a share in 1983, or US$0.39 at that time, and hope to realize gains of up to "60 times" their initial investment, he said.

Taiwan's financial industry is consolidating as the government encourages mergers and acquisitions among the country's banks and prepares a law allowing lenders to acquire asset management companies, stockbrokers and insurance companies under a financial holding company law.

Earlier this month, HSBC Holdings Plc said it will pay US$103 million for China Industrial Development Bank's (中華開發工銀) 53 percent stake in China Securities Investment Trust Corp (中華證券投信), Taiwan's largest fund manager.