Tuesday, 22 July 2014
Last updated 7 hours ago
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.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…