Baillie Gifford, an Edinburgh-based asset management firm, has opened new marketing office in Hong Kong.

Called Baillie Gifford Asia (Hong Kong), the new office will be led by former head of group legal Angus Macdonald.

Macdonald will move from Edinburgh to lead the operational side of the new Hong Kong office.

The office has been set up under a Type 1 licence from the Hong Kong regulatory authority, the Securities and Futures Commission, which enables marketing and selling of funds to Hong Kong investors.

Baillie Gifford partner and CEO of the new company David Henderson said: "With regulatory developments opening up new markets within the region and with Asian institutional investors seeking to diversify internationally into the type of strategies that we offer, we believe that now is the right time to be establishing a permanent presence in the region.

"The new office will enable us to meet clients’ needs and to continue to diversify our client base and distribution channels, as we have done over the past 100+ years."