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Luxembourg Opens HK Funds Office

by Mary Swire, LawAndTax-News.com, Hong Kong

15 November 2010


In the presence of Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, and Luxembourg’s Minister of Finance, Luc Frieden, the Association of the Luxembourg Fund Industry (ALFI) has opened a permanent representative office in Hong Kong.

ALFI is the representative body of the Luxembourg investment fund community. Established in 1988, ALFI currently represents over 1,200 Luxembourg-domiciled investment funds, asset management companies and a wide range of service providers such as custodian banks, fund administrators, transfer agents, distributors, legal firms, consultants, tax experts, auditors and accountants, specialist IT providers and communication companies.

ALFI said that it decided to establish a presence in the Asian region with the setting up of a permanent office in Hong Kong, as the region develops into a key non-European distribution market for Luxembourg-domiciled funds. Its representative office “will promote Luxembourg as a global hub for cross-border distribution of investment funds and further develop valuable relationships with stakeholders such as asset management companies, regulators and sister associations in the main Asian distribution markets.”

Chairman of the Board of ALFI, Claude Kremer, said: "Asia is an important market for the fund industry and we see significant potential and opportunities in this market. Our permanent representative office in Hong Kong is our first one established outside of Luxembourg."

"Hong Kong's financial market is characterized by a high degree of liquidity and operates under effective and transparent regulations which meet international standards. Hong Kong is one of the main distribution hubs of investment funds in Asia and is centrally located in the region. While we were studying where to establish a presence in Asia, Hong Kong was undoubtedly our most preferred location," Kremer added.

The Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, reiterated that: "Hong Kong has been recognized as the top asset management centre in Asia with more than 300 fund management firms based in the city, the largest concentration of international fund managers in the region. The total fund management business in Hong Kong amounted to USD1.09 trillion as at end-2009."

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
TAGS: investment | business | investment funds | Luxembourg | offshore | Hong Kong | business investment

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