HUATAI Securities Co. will pay US$780 million for U.S. consultancy firm AssetMark Financial Holdings Inc., the largest financial services acquisition by a listed Chinese brokerage in almost three years.

    Huatai International Finance Ltd., a unit of China’s seventh-largest brokerage by market value, agreed Tuesday to acquire AssetMark from current owners including Aquiline Capital Partners and Genstar Capital.

    The deal, which still requires American and Chinese regulatory approval, will provide Huatai with investment advisory services in the United States and investment and portfolio management capabilities.

    The deal is the largest overseas financial services purchase by a Chinese brokerage since CITIC Securities bought Credit Agricole’s CLSA unit for more than US$800 million in 2013.

    China wants to “build modern investment banks” that are influential globally, according to a document issued by the China Securities Regulatory Commission in May 2014.

    Other major overseas acquisitions by Chinese brokerages in recent years include Haitong Securities Co.’s US$466.7 million purchase of Novo Banco SA’s investment-banking unit. Everbright Securities Co. acquired a controlling stake in Sun Hung Kai & Co.’s securities and wealth management businesses last year for more than US$500 million. (SD-Agencies)