Billionaire Lo weighs including to System One investments after Williams

LONDON/HONG KONG, Aug 2 (Reuters) – Hong Kong-based billionaire Calvin Lo is contemplating placing extra money into System One following his reference to F1 group Williams, Lo advised Reuters in an interview, including different Asian buyers have been additionally taken with investing within the sport.

Lo, chief government of insurance coverage dealer RE Lee Worldwide, confirmed he has “some form of publicity” to Williams, following the U.S.-based personal funding agency Dorilton Capital’s buy of the group 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 seeking to different groups, different alternatives, as a result of…there are constantly good groups however they aren’t in a position to give you the correct automotive,” Lo stated.

“In Asia proper now, there may be a number of liquidity sitting round, it is mind-blowing. I would not be stunned if the subsequent information you hear…is possibly some consortium in Asia investing into another groups.”

Lo didn’t identify the groups attracting investor curiosity.

System One presently has 10 groups, with any new entrant that’s accepted having to pay a $200 million payment to be divided among the many present groups.

Present groups embrace Ferrari-powered Haas, whose title sponsor was Belarus-born chemical compounds 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 System One automotive constructor, as a result of not like manufacturer-owned rivals, there isn’t any highway automotive enterprise behind it, Lo stated.

Williams posted a loss in 2019, the final yr earlier than its sale.


RE Lee operates in Hong Kong and internationally, arranging life insurance coverage polices for ultra-high web price people by main insurers akin to Prudential (PRU.L) and Manulife (MFC.TO).

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 document yr, Lo stated.

COVID-19 has elevated demand for all times insurance coverage for the super-rich, as they change into extra conscious of their mortality.

“At any time when there’s some form of pandemic catastrophe, life insurance coverage usually does all proper” Lo stated. “Demand for our providers is large.”

The earlier unfastened financial setting has left the super-wealthy with ample money to deploy, and life insurance coverage helps to ease the tax burden from the previous to new era, he stated.

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 tons of of thousands and thousands of {dollars}.

Lo is seeking to arrange an workplace in London this yr to service the 8-9% of his shoppers who’ve a UK presence.

Lo additionally runs a wealth administration enterprise and is trying into shopping for business property in London, although he stated it was not with out danger.

“Property costs within the UK are costly, some would argue severely overvalued,” he stated, including that “it is virtually arduous to worth it, each property is so previous”.

Lo purchased the five-star Mandarin Oriental Taipei for $1.2 billion in 2018 and is contemplating comparable investments in London.

“If in case you have liquidity…it is possibly one thing to take a look at.”

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Further reporting by Alan Baldwin in London; Enhancing by Emelia Sithole-Matarise

Our Requirements: The Thomson Reuters Belief Ideas.

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