Credit Suisse Asset Management gets HK nod

The firm wins approval to start business in Hong Kong and announces plans for Korea.

Hong Kong's Securities and Futures Commission yesterday Thursday granted Credit Suisse Asset Management a license to carry out business. The move comes as Hong Kong's wholesale asset management business booms. Figures published by the SFC show that assets under management in Hong Kong increased by 23% during 2004 to a record of HK$3,618 billion $465 billion.

Sources suggest that while CSAM has had an office in Hong Kong for a number of years, it was actually doing international business and not carrying out local work. In starting the new onshore business CSAM is looking to win new mandates from government and local institutions as well as set up new...

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