FINANCIAL information group Micropal, the major supplier of mutual fund statistics and analysis in Asia, is expanding its regional operations.
The British-based company, which tracks about 28,000 funds across four continents, has ended its agency agreement with Millisis Financial Systems and established a regional base in Hong Kong.
According to Asia region managing director Eric Hathaway, Micropal plans to expand and upgrade its data collection services and operations in the region.
Micropal also provides the results for the 1994 Sunday Morning Post Fund Manager of the Year awards, held in association with Alfred Dunhill.
Mr Hathaway, who arrived in Hong Kong from the United States about two months ago, said the move was an acknowledgement of the rapid expansion in the fund industry in Asia. 'This is a buoyant market which is ready to take off. Although it hasn't been an easy year for the markets in Asia, the long-term growth potential is huge,' he said.
Carl Meerveld, a pioneer of the fund management information industry in Hong Kong, has been Micropal's agent in the territory through Millisis Financial Systems since 1989, when the industry was in its infancy. Mr Meerveld will act as a consultant to Micropal as well as working on other projects.