HSBC firms up Asian presence via Brunei

HSBC Global Asset Management has extended its Singapore operations via Brunei to serve regional markets in South East Asia.

"Our presence in Brunei is a strategic move for our expansion in Asia," said Rudolf Apenbrink, Chief Executive Officer of HSBC Global Asset Management, Asia-Pacific.

In Asia, HSBC Global Asset Management has been serving both institutional and retail clients for over 30 years, with offices in Hong Kong, Singapore, Taiwan, India and Japan, and a joint-venture fund management company in China. The firm manages US$371 billion in assets globally as of the end of December 2008.

Apenbrink added: "This move was made possible by the Brunei Government’s support to create a conducive environment for business and investment for the local financial industry."

Mah Yeok Fun, Chief Executive Officer of HSBC Global Asset Management (Singapore) Limited, will have management oversight of the new office located at the HSBC main branch in Bandar Seri Begawan, the state’s capital.

The new office will further strengthen HSBC’s overall business in Brunei, according to Tareq Muhmood, Chief Executive Officer of HSBC in Brunei. "HSBC in Brunei currently employs more than 700 staff, most of whom were recruited locally," Muhmood emphasized.

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