***************************************************
Polaris Securities, a Taiwanese securities company, announced today (May 7) the establishment of its asset management business. The company aims to expand its regional position with the introduction of top-ranking finance engineering technology. 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, Mr 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, Mr 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.
Speaking at the opening ceremony, Associate Director-General of Investment Promotion at Invest Hong Kong, Ms Charmaine Wong, said, "Hong Kong's position as a leading international financial centre has skyrocketed in the past decade, fuelled by our efficient and transparent regulatory mechanism, our pool of well-trained financial professionals and our proximity to the Mainland. Polaris has made the right choice in setting up its asset management arm in Hong Kong. I am sure Polaris will be able to prosper and continue to expand in Hong Kong in the years to come."
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 famous for the development and trading of new financial products. It is ranked first in Taiwan's option market in terms of profit and transaction volumes. Its stock brokerage business ranks fourth in Taiwan and is the number one brand for internet trading. The company's asset management business comes in fourth in Taiwan. For more information, please visit www.polaris.com.tw.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Monday, May 7, 2007
Issued at HKT 17:31
NNNN
