IAG is forming a joint servicing platform with Exceedor in
Shanghai that will allow it to offer onshore RMB denominated
private equity fund administration services in China.
The formation of a Shanghai operation follows from establishment
of an office in Hong Kong earlier this year.
Julian Carey, Managing Director of IAG's Hong Kong office,
said: "We already administer many of the traditional fund
structures for private equity, real estate and other alternative
assets. Now we have extended our services to include RMB
denominated funds domiciled in China, effectively providing a
one-stop shop for clients with both onshore and offshore structures
investing in China. This development continues our focus on
expansion into the Asian fund administration market and
demonstrates our commitment towards the region. The Shanghai office
will greatly complement our presence in Hong Kong and
Guernsey Finance – the promotional agency for the
Island's finance industry internationally, first established a
representative office in Shanghai at the end of 2007. Since then,
there has been a number of delegations of politicians, regulatory
officials and business representatives in either direction.
Last month, Guernsey was given approval for companies
incorporated in the Island to list on the Hong
Kong Stock Exchange (HKEx). Law firm Ogier already offers Guernsey legal services
from Hong Kong and Collas Crill recently announced that it is
opening an office in Singapore.
Peter Niven, Chief Executive of Guernsey Finance, said:
"IAG's announcement that it is establishing a presence in
Shanghai to offer services in China is very positive for
Guernsey's finance industry. We always said that our work in
China and the Asian markets would take time to bear fruit but now
we have seen a succession of developments which will mean that our
firms are better placed to attract business from the region. Of
course, European centres and in particular London, which has
traditionally been our principal source of new business, will
remain important partners but there is also a need to diversity and
capitalise on the growing wealth in the 'emerging'
economies of the Far East."
Mr Niven will be leading a delegation to China in August when
Guernsey Finance, the Richmond Group and PwC will be attending the 2nd China
Wealth Management and Private Banking Conference. It was originally
scheduled to take place in Shenzhen in July but has been moved to
Beijing in August when it will attract senior government and
Mr Niven will then return to China with the Chief Minister in
November to maintain links with officials in Shanghai and in
particular to renew the MoU signed last year. In addition, the
delegation will visit Hong Kong to reiterate to local professionals
that Guernsey companies can be listed on HKEx and then a team will
be promoting Guernsey trust and fiduciary services at STEP Asia in
Mr Niven added: "Guernsey Finance is set to be extremely
busy during the second half of the year and activity in the Far
East will be an important part of our programme. Developments such
as IAG's venture in Shanghai provide a real boost to our work
and mean that we will be travelling to the region in the coming
months with even greater confidence of being able to attract
business back to Guernsey."
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