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The Association of the Luxembourg Fund Industry (ALFI) celebrated the opening of its permanent representative office in Hong Kong today (November 11). The opening ceremony was officiated by the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Professor K C Chan; the Minister of Finance, The Grand Duchy of Luxembourg, Mr Luc Frieden; and in the presence of the Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin.
ALFI decided to establish a presence in the region with the setting up of a permanent office in Hong Kong, as Asia develops into a key non-European distribution market for Luxembourg domiciled funds. Its representative office based in the city will promote Luxembourg as a global hub for cross-border distribution of investment funds and further develop valuable relationships with stakeholders such as asset management companies, regulators and sister associations in the main Asian distribution markets.
Chairman of the Board of ALFI, Mr Claude Kremer, said, "Asia is an important market for the fund industry and we see significant potential and opportunities in this market. Our permanent representative office in Hong Kong is our first one established outside of Luxembourg."
"Hong Kong's financial market is characterised by a high degree of liquidity and operates under effective and transparent regulations which meet international standards. Hong Kong is one of the main distribution hubs of investment funds in Asia and is centrally located in the region. While we were studying where to establish a presence in Asia, Hong Kong was undoubtedly our most preferred location," Mr Kremer added.
Mr Galpin said, "Hong Kong has been recognised as the top asset management centre in Asia with more than 300 fund management firms based in the city, the largest concentration of international fund managers in the region. The total fund management business in Hong Kong amounted to US$1.09 trillion as at end 2009. I would like to welcome the establishment of ALFI's regional office in Hong Kong to support its member fund community across the region."
About The Association of the Luxembourg Fund Industry (ALFI)
ALFI is the representative body of the Luxembourg investment fund community. Established in 1988, ALFI currently represents over 1,200 Luxembourg domiciled investment funds, asset management companies and a wide range of service providers such as custodian banks, fund administrators, transfer agents, distributors, legal firms, consultants, tax experts, auditors and accountants, specialist IT providers and communication companies. Luxembourg-domiciled investment structures are distributed on a global basis in more than 50 countries with a particular focus on Europe, Asia, Latin America and the Middle East. For further information, please visit www.alfi.lu.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas, Mainland and Taiwanese businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As it celebrates its 10th anniversary, Invest Hong Kong has completed over 2,000 investment projects creating over 25,000 new jobs in the first year of operation or expansion and HK$52 billion of investment. For more information, please visit www.investhk.gov.hk.
For event photos, please visit www.flickr.com/photos/investhk/sets/72157625345764374 .
Ends/Thursday, November 11, 2010
Issued at HKT 16:34
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