Luxembourg Private Bank Ups Hong Kong Offering

Banque Degroof Luxembourg SA (BDL) has announced that its subsidiary Degroof Asset Management (HK) Limited has recently been approved by the Securities and Futures Commission to provide asset management services for investment funds.

The Managing Director of BDL, Mr Geert De Bruyne, said, "The asset management subsidiary will reinforce our commitment toward Hong Kong and the Asian region, as part of the strategic expansion of our representative office in Hong Kong. The representative office has already allowed us to develop closer ties with industry practitioners in Asia."

Heading Degroof Asset Management (HK) Limited is Chief Executive Officer Mr Michael Stockford, who brings over 30 years of experience in the banking and asset management industry, of which more than 20 years has been in Hong Kong.

Banque Degroof Luxembourg SA (BDL) is wholly owned by Banque Degroof SA, one of the oldest banks in Belgium. Established in 1871, Banque Degroof SA's business activities include private banking and wealth management, asset management and investment banking. BDL has been providing fund administration services for Luxembourg- and Belgium-domiciled investment funds since the mid-1980s. As of March 2015, assets under administration or custody reached US$31 billion (HK$240 billion).

The Hong Kong company will capitalise on the expertise developed in Luxembourg over the past 10 years within its Alternative Investment Fund Managers division.

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