SinoPac Financial Holdings, the Taiwanese bank and asset management firm, is setting up a fund administration arm in Hong Kong.

The move is meant to target smaller hedge and private equity funds, particularly the over 1,000 hedge firms, family offices and wealth management companies in the Asia-Pacific region, the firm said in a statement. It will start operating in December 2012, pending regulatory filings and approval.

Tentatively, it will be called SinoPac Solutions+Services Ltd, but may change as the range of services expand to include accounting, administration, compliance and trade execution. The firm will also provide legal advice to small funds and offer custody clearing.

Steve Bernstein has been selected to lead the new division effective 1 December 2012. Bernstein has been providing consultant services to SinoPac over the past months through Inflection Point, his independent advisory practice in Hong Kong. He worked for Oppenheimer for two years until he resigned in December 2011.

Bernstein is expected to begin hiring for his projected 10-person team when he takes office. 

SinoPac Financial Holdings records some NT$1 trillion (US$34 billion) in assets under management. Its other offices are in Macau, Beijing, Shanghai, Vietnam, the US and the UK.