Wells Fargo is to boost the number of fund-services clients in Asia by almost 20 per cent annually, media reports said, adding to the existing 20 clients receiving its fund services in Asia.

Asia makes up 15 per cent to Wells Fargo's global fund services revenues. The bank intends to enhance its operations in the region, primarily Hong Kong, as the market there is believed to have considerable growth potential, a report by Nasdaq said.

This publication is in contact with Wells Fargo on the matter, seeking further details. The US-headquartered bank had not responded to queries at the time of going to press.

Wells Fargo's fund services unit dates back to Cargill's Black River Asset Management hedge-fund division. Since Jan 2007, Wells Fargo's unit has operated through a Singapore-based office. It was only in Dec 2012 that the banking major announced the opening of an office in Hong Kong, the report said. The firm’s fund unit employs about 40 people in Asia.