Hong Kong courts overseas fund managers
K.C. Chan, Hong Kong's Secretary for Financial Services and the Treasury, on Wednesday called on foreign fund managers to leverage on the financial centre to tap the huge domestic savings of China, according to a Finance Asia report.
Hong Kong is Asia's leading wealth management centre with 80 fund management houses currently operating there, including firms from the United States, Britain and Switzerland. "Fund managers can leverage on Hong Kong's unique strengths to tap the huge domestic savings of China," Chan told a Washington forum.
In 2006, Hong Kong's combined fund management business exceeded $789bn (€509.2bn), of which 60 % were sourcing from overseas investors, he said. This is "a clear indication of how attractive we are to overseas fund managers to conduct asset management business," he said.
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