Global fund managers expanding in Hong Kong with eye on Greater Bay Area and Belt and Road Initiative
- Federated Investors and Hermes Investment Management plan to expand in Hong Kong as part of their long-term Asia strategy
US fund manager Federated Investors, with US$485 billion worth of assets under management as well as its 60 per cent owned British fund house Hermes Investment Management, both plan to continue to expand in Hong Kong as part of their long-term strategy in Asia.
Hong Kong has seen many protests since June 9 to oppose the now suspended extradition bill, which would have transferred fugitives to jurisdictions where it has no extradition agreements including mainland China.
“We consider the recent protests in Hong Kong to be no different from other geopolitical events in other parts of the world,” Harriet Steel, global head of business development at Hermes, said in an interview during her visit to Hong Kong last week.
“Hong Kong, Singapore, South Korea, Japan and Australia are important markets we have been keen on expanding since 2012. We believe in the Asia growth story. The Greater Bay Area project, as well as the Belt & Road Initiative, are going to bring a lot of opportunities to China and Hong Kong.”
The Greater Bay Area project aims to integrate Hong Kong, Macau and nine cities in Guangdong province into an economic power hub. The Belt and Road Initiative is Beijing’s project to establish infrastructure projects in 65 countries along the old Silk Route to promote trade and economic development.