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Alliance Trust PLC, the largest generalist investment trust company listed on the London Stock Exchange, today (October 16) announced it will soon be expanding with the launch of a new asset management business - AT Asset Management (Asia-Pacific) Limited (ATAM). ATAM is a wholly-owned subsidiary of Alliance Trust PLC, based in Hong Kong. It plans to commence operations in the coming months.
The new boutique asset management company will aim to manage a diverse range of products and services to meet the needs of both retail and institutional investors. The first area in which it proposes to manage new investment products is Asia-Pacific - a region which Alliance Trust believes will be a key driver in future world growth, and where it has already established an experienced team with a proven track record and direct on-the-ground exposure to the markets. The initial funds to be managed by the new company are expected to be an Asia-Pacific ex-Japan equity fund and a Japanese equity fund for sale in UK.
The fund management team, led by the Executive Director of ATAM, Mr Anthony Muh, currently has three fund managers and three analysts, with 56 years' combined investment management experience. Over the next 18 months ATAM plans to expand its investment team, and launch other new funds where it sees growth opportunities to deliver increased investment choice to investors.
Commenting on the launch of the new business, the Chief Executive of Alliance Trust PLC, Mr Alan Harden said, "The launch of our new asset management subsidiary in Hong Kong will be the first stage of our business expansion in the region. We are very excited by the new opportunities brought about by the establishment of ATAM in Hong Kong which we believe will make a significant contribution to the group."
The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, welcomed Alliance Trust PLC's new Hong Kong subsidiary. He said, "Hong Kong's role as an international financial hub is underpinned by the rule of law, effective regulatory regime, absence of foreign exchange control, and a low and simple tax regime."
Mr Galpin added, "With our close proximity to Mainland China, Hong Kong is well placed to tap this enormous market potential. The addition of Alliance Trust will enrich Hong Kong's pool of premier financial institutions and further increase the range and depth of financial products available for regional investors."
Alliance Trust PLC is the largest generalist investment trust listed on the London Stock Exchange. A FTSE-250 company, it had US$5 billion of assets at the end of July 2006. More information about Alliance Trust can be found at www.alliancetrust.co.uk.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Monday, October 16, 2006
Issued at HKT 12:39
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