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| Top US financial firm establishes first overseas office in HK ( 09/02/2004 ) | |||||||||
Chairman, president and chief executive officer of OppenheimerFunds, Inc, John Murphy said the Hong Kong office would serve as its gateway to the rest of the region. "Hong Kong offers us extensive opportunities including the sheer size of its mutual fund market. The great potential and demand for financial products in this vibrant city provides the ideal environment for us to establish our first overseas office." Hong Kong has the largest concentration of fund managers in the region. As of March 2003, the Securities and Futures Commission (SFC) reported a total of 1965 authorised unit trusts and mutual funds and over 190 registered fund management companies in Hong Kong. OppenheimerFunds, Inc, together with its subsidiaries, manages more than US$150 billion in assets. The assets are managed under more than 65 US domestic and offshore mutual funds held in over 7 million shareholder accounts. Mike Rowse, director-general of investment promotion at InvestHK, said the presence of OppenheimerFunds, Inc, "reinforces Hong Kong's position as a strategic location to access the international market." Related links | |||||||||
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