Wells Fargo Aims For 20% Growth For Asian Admin. Biz

Aug 23 2013 | 5:08am ET

Wells Fargo has ambitious growth plans for its Asian hedge-fund administration business.

The bank aims to increase the number of its clients in the region by 20% per year. Wells opened a Hong Kong office in December.

“In terms of geographic expansion, we’re looking more towards funds in Hong Kong,” the business’s CEO, Christopher Kundro, told Bloomberg News.

Wells currently services 20 hedge funds in Asia and has been seeing growth of about 10% to 15% per year.

Kundro said Wells is particularly targeting smaller funds. “Given the size of some funds in Asia, they effectively has a lot of benefits outsourcing that function,” he said. “We’re not trying to be a hundred-billion-dollar administrator.”

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