Alexander Schütz, C-Quadrat's founder and chief executive, together with board member Cristobal Mendez de Vigo will buy HNA's 74% in Austrian asset manager C-Quadrat, the vehicle through which HNA held the bulk of its stake in Deutsche Bank. Jebsen Group, a family-owned Hong Kong-based luxury goods distributor, is also taking a minority stake in C-Quadrant. Financial terms were not disclosed. HNA said that the sale of C-Quadrat was "consistent with HNA Group's progress in sharpening its strategic focus, strengthening its balance sheet and improving overall performance across the group."