HSBC elected as custodian for Pacific Hawk Global OFC
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HSBC elected as custodian for Pacific Hawk Global OFC 06 November 2019Hong Kong Reporter: Jenna Lomax
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Pacific Hawk Global’s open-ended fund company (OFC) has selected HSBC Securities Services as its custodian and fund administrator.
HSBC Securities Services will provide Pacific Hawk Global OFC custody and transfer agency services as well as fund administration and portfolio valuation.
Pacific Hawk Global OFC is the first of its kind to be launched in Hong Kong.
Pacific Hawk officially opened their open-ended private fund on 14 October 2019, after receiving approval from Hong Kong’s Securities and Futures Commission in August.
Brian Godins, HSBC Securities Services Asia-Pacific regional head, said: “The arrival of the OFC provides Hong Kong with a corporate structure comparable to internationally recognisable jurisdictions such as UK, Luxembourg, Cayman Islands, and the British Virgin Islands.”
He added: “We are seeing competition between fund jurisdictions in the Asia-Pacific region heating up. We expect that these new structures would boost Hong Kong's position as an international asset management hub.”
Ann Cooley, CEO of Pacific Hawk, commented: ”This is a really positive step for the local economy. OFCs fill a big gap in the range of investment options in Hong Kong and will create new opportunities for fund managers, independent directors and other legal and professional services.”
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