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Anne-Marie Godfrey By Beverly Chandler, Opalesque London:

Speakers at the 2011 Opalesque Hong Kong Roundtable, sponsored by Bingham McCutchen opened their debate by discussing the growth of Hong Kong as a hedge fund centre over Singapore or other Asian financial jurisdictions.

Anne-Marie Godfrey, partner with Bingham McCutchen said that the last 12 months have been difficult in terms of capital raising in Hong Kong but in terms of new fund formation there has been a great deal of interest in mainland China. This was in currency and commodity funds, as well as arbitrage funds. She also reported a deep concern throughout the Asian hedge fund industry about regulatory developments that might impact managers ability to raise capital in the US and in Europe, primarily because of Dodd-Frank and AIFM.

Godfrey found hope for the support of smaller managers in the region in the fact that their have been a number of platforms established in Hong Kong. "I think most of the regulatory impact on Hong Kong managers is extra-territorial" she said. "The impact of Dodd-Frank is clearly far more imminent than AIFM. Managers have been given a little breathing space however. A lot of managers in Asia may benefit from the proposed private fund advisor exemption, provided that the money from US subscribers that such managers raise is accepted into "private funds" and not, for example, via managed accounts."

She explained further t......................

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