UBS Global Asset Management has launched a new fund service that opens up investment opportunities in Asia Pacific. 

Asia Pacific Fund Services is designed to provide fund administration and support to all types of investment funds, and include assistance with fund set-up, accounting, shareholder services, net asset value circulation, and reporting, the firm said in a statement. UBS has already established a client service office in Hong Kong and a full service administration centre in Singapore for this purpose. 

"We are seeing faster growth in our fund services business in the region than in any other. Asia's buoyant wealth creation and growing investor base means we are needed," commented Christof Kutscher, the head of UBS Global AM for Asia Pacific.

According to industry estimates, assets under management in the Asia hedge fund sector have gone up from $5 billion in 1996 to around $150 billion in 2011. Industry analysts say that this number could reach as high as $1 trillion by 2016.