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.”


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of