Luxembourg bank starts asset management business in HK

Banque Degroof Luxembourg SA (BDL) said on Tuesday that its subsidiary Degroof Asset Management (HK) Limited has been approved by Hong Kong's Securities and Futures Commission to provide asset management services for investment funds.

The Managing Director of BDL, Geert De Bruyne, said the asset management subsidiary will reinforce the company's commitment toward Hong Kong and the Asian region, as part of the strategic expansion of its representative office in Hong Kong. The office has already allowed the company to develop closer ties with industry practitioners in Asia.

Heading Degroof Asset Management (HK) Limited is Chief Executive Officer Michael Stockford, who has over 30 years of experience in the banking and asset management industry, of which more than 20 years has been in Hong Kong.

Associate Director-General of Investment Promotion Charles Ng welcomed the expansion of BDL in Hong Kong and said global players like BDL will offer fund managers expertise and advice in terms of investing for their clients.

BDL is wholly owned by Banque Degroof SA, one of the oldest banks in Belgium. Established in 1871, Banque Degroof SA's business activities include private banking and wealth management, asset management and investment banking. As of March 2015, assets under administration or custody reached 31 billion U.S. dollars.

Invest Hong Kong (InvestHK) is the department of the Hong Kong Special Administrative Region Government established in July 2000 to attract foreign direct investment and support overseas and mainland businesses to set up or expand in Hong Kong. Endi