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International Administration Group (IAG), a fund administrator from Guernsey Channel Islands, today (November 22) 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."
About IAG
Founded in 2000, IAG provides fund administration services to a select international client base, with assets under administration of over US$15 billion. The company specialises in administration services for private equity funds, real estate, alternative assets, fund of hedge funds, open and closed ended schemes and listed corporate structures. IAG set up its Hong Kong office, International Administration Group (Hong Kong) Ltd, in 2010 to service clients in the region. For more information, please visit www.iagasia.hk.
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.
Ends/Monday, November 22, 2010
Issued at HKT 15:02
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