HSBC has announced the establishment of its asset management business in Brunei with the opening an office of HSBC Global Asset Management, the core global investment platform of the HSBC Group.
Located at the HSBC main branch in the capital, the office started operations in January 2009 and provides world-class investment expertise and a comprehensive range of investment management solutions to clients in Brunei.
“Our presence in Brunei is a strategic move for our expansion in Asia,” says Rudolf Apenbrink, chief executive officer of HSBC Global Asset Management, Asia-Pacific. “It provides an extension of our office in Singapore to serve the regional markets of Southeast Asia. This move was made possible by the Brunei Government’s support to create a conducive business and investment environment for the local financial industry.”
Apenbrink added that Mah Yeok Fun, Chief Executive Officer of HSBC Global Asset Management (Singapore) Limited, will have management oversight of the new office in Brunei.
Tareq Muhmood, chief executive officer of HSBC Brunei, added that the new office will strengthen HSBC’s overall business in Brunei and will allow HSBC to contribute further to the development of a skill-based workforce. The bank currently employs over 700 staff in Brunei, most of who are local employees. The office will benefit from the support of the extensive infrastructure of HSBC Brunei.
In Asia, HSBC Global Asset Management has been serving both institutional and retail clients for over 30 years, with offices in Hong Kong, Singapore, Taiwan, India and Japan, and a joint venture fund management company in China. The firm managed US$372 billion in assets globally as at the end of December 2008.
D.C.