HSBC Securities Services has been appointed the custodian and fund administrator for Pacific Hawk, the first open-ended fund company (OFC) launched in Hong Kong.
HSBC Securities Services will provide Pacific Hawk Global OFC custody and transfer agency services as well as fund administration and portfolio valuation. Pacific Hawk Global OFC is the first of its kind to be launched in Hong Kong.
The OFC strikes a balance for investors and fund managers by providing investor protection and the familiarity of a company limited by shares as well as the simplicity of fund-raising previously only available for funds structured as unit trusts in Hong Kong.
The arrival of the OFC provides Hong Kong with a corporate structure comparable to internationally recognisable jurisdictions such as the UK, Luxembourg, Cayman Islands, and BVI"
"The arrival of the OFC provides Hong Kong with a corporate structure comparable to internationally recognisable jurisdictions such as the UK, Luxembourg, Cayman Islands, and BVI," says Brian Godins, HSBC Securities Services Asia-Pacific regional head.
With the upcoming Corporate Collective Investment Vehicles scheme launch in Australia and the Variable Capital Company in Singapore, Godins added that he is seeing competition between fund jurisdictions in the Asia-Pacific region heating up.
"We expect that these new structures would boost Hong Kong's position as an international asset management hub," he added.
Ann Cooley, CEO of Pacific Hawk, commented: "This is a really positive step for the local economy. OFCs fill a big gap in the range of investment options in Hong Kong and will create new opportunities for fund managers, independent directors and other legal and professional services."
Pacific Hawk officially opened their open-ended private fund on 14 October 2019, after receiving approval from Hong Kong's Securities and Futures Commission in August.