International Administration Group (IAG), a fund administrator from Guernsey Channel Islands, has announced the opening of its new regional headquarters in Hong Kong to provide administration services to a range of funds including private equity funds, real estate, alternative assets, fund of hedge funds, open and closed ended schemes and listed corporate structures.
The Hong Kong office, International Administration Group (Hong Kong) Ltd, undertakes full fund administration duties, with a particular emphasis on closed ended private equity and real estate funds. Managing Director of IAG Private Equity in Guernsey, Mr Chris Cochrane, said, "We have seen a great deal of interest from private equity fund managers in Asia. Establishing a physical presence in Hong Kong will enhance the quality of the service we deliver as well as demonstrate our commitment to the region. We are particularly keen to develop our private equity and closed ended fund administration products in Hong Kong."
Commenting on the expansion plan, Managing Director of IAG (HK) Ltd, Mr Julian Carey, said, "The Hong Kong office greatly complements our presence in Guernsey and this is the first phase of our international development plan within Asia. We plan to recruit locally qualified accountants as the book of business expands. Being independent, we are able to adapt quickly and offer our services to new types of funds such as renminbi funds and hybrid products."
Mr Carey also noted that he is delighted to be returning to Hong Kong, where he has lived and worked on and off for 22 years, and said that it feels very much like home to him.
Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Charles Ng, welcomed IAG's business presence in Hong Kong. He said, "Hong Kong enjoys a high reputation for corporate governance and regulatory compliance. As the city further develops its role as Asia's asset management hub, the demand from fund houses for supporting services like fund administration will continue to increase."
Hong Kong is the place of choice for regional head offices of private equity firms. Of the 47 fund of funds' Asian head offices, Hong Kong accounts for 45 percent, followed by Singapore at 26 percent.
Mr Ng continued, "We are delighted to see the healthy growth of the financial services industries and the increasing number of financial institutions and related supporting services choosing to set up in Hong Kong."
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