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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 structures.

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 to increase."

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.