SinoPac Plans Hong Kong Hedge Fund Admin.

Oct 31 2012 | 11:10am ET

Taiwan's SinoPac Financial Holdings is heading to Asia's most important hedge fund center to gain a foothold in the hedge fund administration business.

The investment bank plans to launch the administrator, SinoPac Solutions+Services, in December under former Citigroup executive Steve Bernstein. The new business will target smaller hedge and private-equity funds in the region, those with less than US$100 million in assets under management. Bernstein told the Taipei Times that there are more than 1,000 such funds in the region, about 85% of the Asian hedge fund industry.

"The bigger funds all have great services," Bernstein said. "The small funds either have to go to multiple providers for different services or they are getting charged a lot."

Bernstein said two new Asia hedge funds have already spoken with SinoPac about becoming clients. Bernstein said he hopes initially to bring on about one client per month.

The move comes as SinoPac also seeks a banking foothold in mainland China—it is the first-ever Taiwanese lender to win Chinese approval to launch a subsidiary. That business is also expected to get off the ground next year.


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