BBH to provide fund services for DSBI 17 January 2018Hong Kong Reporter: Jenna Lomax
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Brown Brothers Harriman & Co (BBH) will provide custody and fund administration services to Daiwa SB Investments’ (DSBI) first Hong-Kong domiciled fund, the Japan high dividend stocks fund.
The fund, which launched in October 2017, is the first Hong Kong-domiciled product investing in the Japanese stock market and managed by a Japanese fund house.
BBH’s subsidiary BBH Trustee Services serves as the trustee for the fund.
According to The Securities and Futures Commission of Hong Kong, the number of authorised Hong Kong-domiciled funds has grown 145 percent over the past five years and the net asset value of Hong Kong-domiciled unit trusts has expanded to $151 billion.
Jay Okada, managing director of DSBI, Hong Kong, explained: “This is our first SFC-authorised fund and entrée into the competitive retail market in Hong Kong. We needed to appoint a reliable partner who possesses good local knowledge and expertise, and understands DSBI very well.”
Scott McLaren, head of the BBH Hong Kong, commented: “The entry of a leading Japanese asset manager into the Hong Kong fund space affirms Hong Kong’s draw as a fund domicile and supports the growth potential of the mutual recognition of funds channel.”
He added: “Hong Kong is rapidly transforming into an important cross-border fund management center and attracting other leading asset managers from around the world.”
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