Billionaire Calvin Lo weighs including to Method One investments after Williams | Racing Information

LONDON/HONG KONG: Hong Kong-based billionaire Calvin Lo is contemplating placing extra money into Method One following his reference to F1 crew Williams, Lo instructed Reuters in an interview, including different Asian traders have been additionally interested by investing within the sport.
Lo, chief government of insurance coverage dealer RE Lee Worldwide, confirmed he has “some kind of publicity” to Williams, following the U.S.-based non-public funding agency Dorilton Capital‘s buy of the crew in 2020. He declined to offer extra element, citing non-disclosure agreements.
Dorilton Capital makes investments for Lo, in accordance with media experiences.
“Lots of people, me included, are nonetheless trying to different groups, different alternatives, as a result of…there are persistently good groups however they don’t seem to be capable of provide you with the correct automobile,” Lo mentioned.
“In Asia proper now, there may be a whole lot of liquidity sitting round, it is mind-blowing. I would not be shocked if the following information you hear…is perhaps some consortium in Asia investing into another groups.”
Lo didn’t identify the groups attracting investor curiosity.
Method One presently has 10 groups, with any new entrant that’s accepted having to pay a $200 million charge to be divided among the many present groups.
Present groups embody Ferrari-powered Haas, whose title sponsor was Belarus-born chemical substances billionaire Dmitry Mazepin till he was sanctioned by the European Union in March, following Russia’s invasion of Ukraine. Haas declined to touch upon funding discussions.
Williams has suffered financially as a Method One automobile constructor, as a result of not like manufacturer-owned rivals, there is no such thing as a highway automobile enterprise behind it, Lo mentioned.
Williams posted a loss in 2019, the final 12 months earlier than its sale.
PANDEMIC INSURANCE BOOST
RE Lee operates in Hong Kong and internationally, arranging life insurance coverage polices for ultra-high internet price people via main insurers resembling Prudential and Manulife .
The broking agency has already organized insurance policies with premiums totalling $1.2 billion within the first half, equal to its enterprise for the entire of 2021, which was itself a file 12 months, Lo mentioned.
COVID-19 has elevated demand for all times insurance coverage for the super-rich, as they turn into extra conscious of their mortality.
“At any time when there’s some kind of pandemic catastrophe, life insurance coverage typically does all proper” Lo mentioned. “Demand for our companies is large.”
The earlier free financial setting has left the super-wealthy with ample money to deploy, and life insurance coverage helps to ease the tax burden from the outdated to new technology, he mentioned.
Pay-outs on the insurance policies give wealthy households entry to prepared money which can be utilized to pay inheritance tax payments. The insurance policies can price a whole lot of tens of millions of {dollars}.
Lo is trying to arrange an workplace in London this 12 months to service the 8-9% of his purchasers who’ve a UK presence.
Lo additionally runs a wealth administration enterprise and is wanting into shopping for industrial property in London, although he mentioned it was not with out danger.
“Property costs within the UK are costly, some would argue severely overvalued,” he mentioned, including that “it is nearly arduous to worth it, each property is so outdated”.
Lo purchased the five-star Mandarin Oriental Taipei for $1.2 billion in 2018 and is contemplating comparable investments in London.
“In case you have liquidity…it is perhaps one thing to have a look at.”

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