Cazenove Capital Management, the UK-headquartered investment management firm, is opening a Hong Kong office to cater to more private clients.
The new branch is set to open by the end of 2012, subject to local regulatory approvals, the firm said. At present, Cazenove manages around £100 million in assets through its London office for its Hong Kong-based clients. It is understood that the head role for the branch will be filled internally.
"We have developed a business in Hong Kong by sending people out from London. Our brand works well out there and we have been known in Asia for a long time," said Andrew Ross, chief executive for Cazenove Capital Management.
Hong Kong will be the first Asia-based office for Cazenove's private client business, which presently operates through branches in Jersey and the UK. The company also said that it is open to acquisition opportunities, although no plans have been made to-date.
Cazenove's global wealth management business manages some £11.6 billion for private clients, charities and institutions.