Threadneedle, a U.K.-based manager of $125 billion of assets, today announced the start of its Asian operations with the opening of a Hong Kong office to tap the region’s growing demand for fund products, Bloomberg reports.
The London-based company hired James Campion from Allianz Global Investors as its Hong Kong-based head of Asia distribution to spearhead its expansion in the region, it said in the e-mailed statement. It plans to add a Singapore office in September, Campion, 50, said in an interview today.
Threadneedle plans to sell its products through a wider group of private banks and insurance companies in one of the world’s fastest-growing wealth management markets. The local offices will also make it easier to tap rising demand from local companies, sovereign wealth funds and pension plans for asset management services.
David Gasparro, Threadneedle’s head of distribution says: “There is a growing demand for our funds amongst Asian- based investors and we’re delighted to be developing a presence on the ground to introduce our products more widely and provide a high-quality service to our clients.”
The Asia-Pacific region was home to 27% of people worldwide that own more than $1 million each in financial assets by 2006, and 23% of their wealth, according to a report by consulting firm Cap Gemini and Merrill Lynch & Co. last year. Singapore reported the fastest-growing population of such individuals.