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Alternative Market Briefing

Delegates report serious demand for financial services in China

Wednesday, June 12, 2013

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Eric Wong
By Beverly Chandler, Opalesque London:

The Opalesque 2013 Hong Kong Roundtable, sponsored by Bingham McCutchen, Eurex and Taussig Capital saw Eric Wong of TCG Capital Hong Kong express his belief that the economy in China is already at 5% GDP growth. "Forget the 8, 7 or 6%. I believe it's at 5% and that it will go further down from there" he said. "But, I have never been more bullish on the longer term prospects and opportunities for financial services in China. I think the easy money has already been made in China, by the locals mostly and generally not in financial services, but now there is a serious demand for financial services especially asset management."

However, Wong believes that it will not be easy to meet this demand, requiring focus, organization, and bringing a global perspective and exposure. "I think everybody gets a second chance in China, for example brand-wise or businesswise, and also so far I don’t think anybody has built a real name in terms of asset management excellence in China. The local players are certainly working very hard to expand and improve, but they may not have the global knowhow that is required to do that" he said.

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