Colin Lunn Opalesque Industry Update – The newly-created fund administration unit of Switzerland's biggest bank UBS, is aimed at targeting alternative funds across Asia, particularly China and Australia as long-term targets.
In a report, Colin Lunn, head of UBS business development and client services, said that the Asian fund administration unit is looking at the “huge untapped opportunities” in China and sees the country becoming a major target market in the long term.
Last week, UBS announced that its asset management division created fund services in Singapore and Hong Kong in anticipation of a rise in hedge fund assets by six times to US$1 trillion (S$1.22 trillion) by 2016.
The Government of Singapore Investment Corp., is the largest shareholder in UBS.
With the creation of the full-service fund administration in Singapore, UBS is planning to hire between 30 and 40 staff in that country within the next three years. The bank did not disclose how many staff will be hired in the fund service office in Hong Kong.
Lunn added that initially, the centers in Hong Kong and Singapore would focus on alternative asset managers in the two countries. These include, single-manager funds and funds of hedge funds to private equity, real estate, and venture capital. But later, the unit will also be targeting long-only and traditional fund classes.
Private equity firms in Hong Kong and Singapore have already indicated positive response to the new UBS platform, it was reported.