SALOMON Brothers Asset Management has launched its drive to manage Asia-Pacific institutional and government funds from Hong Kong.
Daniel Shum, president of the Asia-Pacific division, will be backed by two fund managers, Ray Chan and Giampaolo Guarnieri, both recruited from Credit Agricole.
Mr Shum said: 'We have traditionally serviced this region from our New York and London offices. As this region continues to grow, the development of the Hong Kong office is really a natural progression.' The company will focus also on the pension fund industry, particularly opportunities arising from the Government's proposed Mandatory Provident Fund.
'We will continue to grow the operation as business dictates. But this is a very competitive market and we really need to be able to offer a value-added service,' Mr Shum said.
These services will include asset allocation, evaluation and portfolio restructuring.
A recent survey by Hong Kong Investment Funds Association revealed its members manage assets of about US$85 billion.