Guernsey Fund Sets Up Regional Headquarters In HK
Tuesday, November 23, 2010
International Administration Group (IAG), the fund administrator from Guernsey,
has announced the opening of its new regional headquarters in Hong Kong to provide
administration services to a range of funds.
Founded in 2000, IAG provides fund administration services to a select international
client base, with assets under administration of over USD15bn. The company specializes
in administration services for private equity funds, real estate, alternative
assets, fund of hedge funds, open and closed ended schemes and listed corporate
IAG set up its Hong Kong office, International Administration Group (Hong Kong)
Ltd, in 2010 to service clients in the region, with a particular emphasis on
closed ended private equity and real estate funds.
Managing Director of IAG Private Equity in Guernsey, 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."
Managing Director of IAG (HK) Ltd, Julian Carey, added that: "the Hong
Kong office greatly complements our presence in Guernsey and this is the first
phase of our international development plan within Asia. Being independent,
we are able to adapt quickly and offer our services to new types of funds such
as renminbi funds and hybrid products."
Associate Director-General of Investment Promotion at Invest Hong Kong, 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
It was disclosed that, currently, out of the 47 fund of funds' Asian head offices,
Hong Kong accounts for 45%, followed by Singapore at 26%. "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," Ng continued.