[Photo by Truston Asset Management Co.]
Truston Asset Management Co., an investment firm in South Korea, will move its Asia headquarters from Singapore to Hong Kong to attract more investments funds in China amid growing demand for Chinese securities.
Lee Sung-won, vice president at Truston Asset Management, said on Thursday that the firm has decided to relocate its Asia headquarters to Hong Kong after liquidating its Singapore office. It aims to set up a new entity in Hong Kong early next year at the earliest.
Truston Asset Management expects that the new entity in Hong Kong would serve as a gateway to the burgeoning mainland China market. To enable this, the new Hong Kong entity and the Korean headquarters plan to promote joint research and fund management, according to the company.
Demand for China equities is surging in an Asia-based fund, Lee said, and his firm expects that the relocation of its Asia headquarters to Hong Kong would bring more benefits and would make it easier for the company to attract China’s growing offshore investment funds.
Following the latest decision, Truston Falcon Asia Fund, a long-short Asian equity fund that has been managed by Truston Singapore, will be transferred to and managed by the Seoul office, the company said.
By Hong Jang-won and Lee Eun-joo
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