HK lures Taiwanese firm (hktdc.com)


	(From left) President of Polaris Financial Group, Wayne Pai; Invest HK's Charmaine Wong; COO of SFC, Paul Kennedy; and Managing Director of Polaris Securities (HK) Asset Management, Patrick Wong, at the launch ceremony

Polaris Securities, a Taiwanese securities company, announced recently the establishment of its asset management business in Hong Kong.

The company has run a successful operation in Hong Kong since 1993. It recorded a 400% year-on-year profit growth in 2006. The company’s bullish projections for Hong Kong prompted the expansion and it acquired its asset management license from the Hong Kong Securities and Futures Commission (SFC) earlier this year.

President of Polaris Financial Group, Wayne Pai, said Hong Kong’s pivotal role in China’s economic liberalisation, and its position as a leading global financial centre, had influenced their decision.

"Hong Kong has always been an active asset management centre, supported by its advanced and transparent regulatory system and strong cluster of financial service professionals. This environment supports the rapid development of new products and Hong Kong’s sophisticated investors are receptive to these diversified asset classes," said Mr Pai.

Mr Pai added that the 2005 SFC Fund Management Activities Survey showed Hong Kong’s non-REIT funds topping US$4,488 billion, of which over 60% of assets came from overseas. Similarly, Mr Pao said, the latest McKinsey report estimated capital flows of between US$250 billion and US$350 billion into Asia from the Gulf region in 2009, with Hong Kong as the major beneficiary.

Managing Director of Polaris Securities (HK) Asset Management, Patrick Wong pointed to four key trends, which were accelerating change in the asset management space and supported their expansion plans in Hong Kong. "In the past decade we’ve seen the development of new asset classes, the emergence of new markets led by China and India, asset reallocation due to the weakness of the US dollar, and the expansion of alternative investment technologies."

"With its unique ties and access to the China market, Hong Kong is the ideal location from which to benefit from these developments," added Mr Wong.

Polaris Securities (HK) Limited is a member of the Polaris Financial Group in Taiwan. Its parent company, Polaris Securities Limited is listed in Taiwan and is ranked first in Taiwan’s option market in terms of profit and transaction volumes. Source: InvestHK