Augentius, a London-based independent private equity and real estate administrator, is reportedly planning to double the size of its Hong Kong office due to increasing demand for specialized fund administration services in Hong Kong and mainland China.
As part of the expansion plan, the firm intends to boost the number of staff in the Hong Kong office to from around ten currently to between 20 and 30, and also relocate to an even larger place, reported Asia Asset Management.
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Alex Traub, managing director for Asia at Augentius, said that the Hong Kong office will provide clients with fund administration services, reporting and depositary services, among others.
Traub added that the expansion of the Hong Kong office follows growth of private equity funds in China and higher standard of fund administration services sought by Asian fund houses.
Asia Asset Management quoted Traub saying: "We have seen considerable growth across our client base in Asia and as a result of demand have expanded our operations in Hong Kong. We have already had to move into larger offices in Singapore and are now doing the same in Hong Kong.
"The continuing growth of the Chinese economy has led to a pick-up in the launch of private equity funds," he added.
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By GlobalDataIan Kelly, CEO of Augentius, said: "Asia is a fast growing region for Augentius. Our growth in the region has been rapid and as a consequence we need to expand our operations to support our clients."
