BISYS and Citigroup have joined the race to win greater shares of the fast growing market for fund services in Asia.
BISYS this week revealed the latest extension of its global Fund Services (Ireland) Ltd. operations with the opening of a new facility in Central Hong Kong.
The Hong Kong office will complement BISYS' multi-lingual servicing platform, a 24-hour global operating system, which accommodates 1,100 distributors across 60 countries of multiple product structures. With service hours from 8 a.m. to 8 p.m. Hong Kong Time, the office will focus on managing clients' distribution channels and investor needs in Asia-Pacific, including Australia, Japan, and Taiwan, in local time zones and languages.
'Asia has participated in a steady and significant level of fund asset inflows over the past several years,' said Catherine Brady, senior vice president of International Operations. 'As a true global fund administrator, BISYS has made a commitment to direct and expand its resources where the strategic growth opportunities for our clients lie. We are very pleased about the quality, efficiency, and continuity of services we can now provide our clients and their distributors in this region.'
The opening of the new Hong Kong office will allow BISYS to deliver its services following the accepted local business practices in the region, according to Larry Watson, vice president of International Transfer Agency Operations. He said: 'Expanding our service center in Hong Kong will go even further to enhance communications and cross-border distribution of our clients' quality fund products.'
Citigroup has launched its hedge-fund administration in Asia under managing director Matt Brown. It will be a full service hedge-fund administration provider, including fund and portfolio accounting, general ledger accounting, shareholder record keeping, corporate secretarial services and customised statements and accounts. Citigroup's move complements its prime brokerage operations in Hong Kong, which are run by Hannah Goodwin.
Citigroup established its hedge fund administration services in the USA in December 2004, and now has USD 45 billion in assets under administration with 150 staff.