CAPITAL House managing director Andrew Lo has succeeded Mr Michael Somerville as vice-chairman of the Hongkong Unit Trust Association (HKUTA).

Mr Mark White, chairman of HKUTA said: ''We are very pleased that Andrew has accepted this appointment, especially as it will be the first time that the association has had a Chinese vice-chairman.

''We believe that this is in line with the industry's increasing emphasis on the Chinese market and can further boost our efforts in promoting the final management industry in both Hongkong and China.'' Mr Lo, who already heads the HKUTA Hongkong and China Affairs Committee, said the association would be stepping up its efforts to increase the acceptance of investment funds among the Chinese community in Hongkong.