American investment firm Cambridge Associates (CA) has expanded its footprint in Asia by launching a new office in Hong Kong.
The company, which caters to endowments, foundations, family offices, sovereign wealth funds, and pension funds, already has offices in Singapore and Beijing.
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With its entry into Hong Kong, the firm is looking to accelerate its business growth in the Asian region.
According to Cambridge Associates regional head for Asia Aaron Costello, the region has long been a key market for the firm.
Speaking on the opening of the new office, Costello said: “We are very excited to be expanding in Hong Kong as the next stage in our mission to provide strong investment performance and excellent service to clients across the region.
“We continue to see strong demand in Hong Kong, mainland China, Singapore, and Southeast Asia for access to our portfolio management services and global investment network. We’re seeing particular interest in alternatives, including private equity and venture capital investing, ESG and impact investing.”
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By GlobalDataAs part of the development, CA has appointed Hong Kong-based senior director Edwina Ho as senior director of business development for Asia.
Additionally, the firm has relocated global private client practice head Mary Pang to the region. Pang, who was formerly based in San Francisco, will operate out of CA’s offices in Singapore.
Pang said that the expansion of CA’s footprint to Hong Kong will allow it to better serve the growing Asia, and global, client base.
She further said: “I am personally thrilled to be in Singapore and look forward to partnering with our local team of talented colleagues to support existing and future clients across Asia.
“We’re also delighted to have Edwina on board to support these efforts. Edwina’s knowledge of the region, and her connectivity to institutional and family clients makes her a welcome addition to our team.”
Last June, CA opened its second European location in Munich, Germany to support its European clients.
Asia’s growing prominence
The surge in wealth growth in Asia has attracted a slew of global financial firms into the region.
Last month, HSBC revealed plans to establish itself as a wealth management leader with focus on high-growth markets in Asia.
In December last year, Vontobel Asset Management opened an office in Japan with the aim of expanding its reach in the region.
The same month, reports suggested that Japanese brokerage Nomura is set to accelerate hiring in its wealth, fixed income businesses in Asia.
Investment manager Barings also established an office in Singapore, the same month, to ramp yo its presence in the Asia Pacific region.
