The combined business would oversee funds of close to $700 billion, although no formal agreement has been reached, the source added.
The firm has done some high-profile deals in the past, including flotations of luxury brands Gucci and Tiffany & Co, but like other private equity houses in the region has been hit by unfavourable global market conditions.
IBB confirmed it had received an approach by QIIB, which currently owns a controlling 88.41-percent stake, to take over the remaining shares with a view to a possible sale as it considers the strategic future of the UK bank.
In contrast, recent IPOs in London have included Russian sugar and grain producer Rusagro, Glencore and Russian bank Nomos.
The Dow Jones Credit Suisse Core Hedge Fund Index provides daily published index values which seek to enable investors to track the impact of market events on the hedge fund industry. May, April and yearto- date 2012 performances are listed below and are
Investors in the Insynergy Odey fund, managed by star manager Crispin Odey, will be transferred into a similar product with the same strategy run by Odey.
The dollar, US Treasuries and German Bunds have been the safe havens of choice in recent months, while gold has moved in tandem with riskier assets that are under increasing pressure from the euro zone crisis.
The Swiss National Bank's franc cap of 1.20 per euro should go sooner rather than later to shield the economy, the former head of bank UBS said, while some Swiss parliamentarians called for capital controls to forestall an influx of safe-have flows f
The world's biggest bank by market value, ICBC is the top player by volume on China's gold and futures exchanges, but its participation in foreign markets is limited to over-the-counter trading, which reached a total $90 billion last year.
Alternatives continue to gain assets, bucking the trend in U.S. equities, but growth and excitement seem to be diminishing
In April, many countries decided to increase their gold reserves as gold averaged $1,649.74 an ounce, data on the IMF's website showed. Ukraine's reserves went up by 1.4 tonnes, Mexico's by 2.9 tonnes and Kazakhstan's by 2 tonnes.