Leading European Bank Establishes Fund Management Office in HK

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Last updated at: (Beijing Time) Wednesday, June 05, 2002

Leading European Bank Establishes Fund Management Office in HK

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WestAM, the fund management arm of Westdeutsche Landesbank Girozentrale (WestLB), a leading European bank, announced Tuesday it has established a Business Development and Client Servicing Office in Hong Kong.

"In weighing a move to Asia, Hong Kong is preferred because it is one of the most sophisticated regional markets for financial services and offers very attractive potential clientele. There is also an excellent talent pool which a firm can potentially tap as the business develops," the General Manager of WestLB's Hong Kong Branch, Bruce Fraser, said during a courtesy call on the Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse.

The Dusseldorf-based WestLB is Germany's fourth largest bank.

The Director of WestAM's new Hong Kong office, Rupert Rucker, elaborated, "In our corporate location analysis, we recognized that although there are some initial cost advantages in choosing aSoutheast Asian city in the short term, there is much greater potential for our business from a base in Hong Kong."

"In the long term, we will also be looking at other Asian markets whilst Hong Kong will be the 'springboard' for our regional expansion," he added.

Rucker pointed out, "I have been most impressed by the efficiency and openness of Hong Kong. One can achieve things in this city, which would take twice as long in Europe. The work attitude is excellent, and the whole atmosphere is exciting and refreshing."

Rowse officially welcomed WestAM's establishment of an Asian office in Hong Kong. He said, "Hong Kong offers numerous advantages for fund managers through a free flow of capital and information, an independent judiciary based on common law, a solidand transparent regulatory framework, a large and varied pool of qualified fund management professionals, minimal government bureaucracy, state-of-the-art telecommunications and simple and low corporate tax."

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