SHK Fund Management, the alternative investments arm of Hong Kong's Sun Hung Kai Financial, has opened an office in Singapore. Andrew Ang, the firm's director of business development for Southeast Asia, cited the growth of the private banking sector in Singapore as well as the creation of wealth in the region as reasons for the move. Sun Hung Kai Financial is one of Hong Kong's largest non-bank financial institutions with over HK$60 billion ($7.69 billion) in assets under management. Its other businesses include wealth management, corporate finance and consumer loans. It employs over 1,300 staff and has an extensive branch and office network in over 50 locations in Hong Kong, Macau and China.