KUALA LUMPUR, July 16 -- Tricor Group (Tricor) has congratulated the Hong Kong Government for boosting the city’s role as a major Asian private equity hub by introducing the long-awaited Limited Partnership Fund Bill (LPF regime) which should become legislation on Aug 31.
From Tricor’s perspective, when compared with other offshore and overseas jurisdictions, Hong Kong SAR with the new LPF regime will be able to attract more private funds and family offices and fast-track the development of its asset management industry.
“Together with the already imposed tax exemptions for Hong Kong funds, this new legislation is a major step towards cementing Hong Kong’s position as the private equity centre in Asia, the soon to be favoured domicile and location for fund managers,” said Group Chief Commercial Officer of Tricor Group, Gary Tok.
Hong Kong SAR has always been viewed as the regional headquarters by most Asian-focused funds, according to a statement.
Their investment teams are often based in Hong Kong, but the funds have typically been established offshore, particularly in the Cayman Islands because of its attractive tax neutral investment platform and progressive legislative and regulatory framework.
As a result of the LPF regime, Hong Kong is continuing its emergence as a highly competitive and practical option for Asian-based and locally-based asset managers and family offices, as well as fund managers wanting to invest in China.
Tricor Group has been setting up and structuring funds for investment and investors in Asia, the Caribbean and Europe. In Hong Kong and Singapore, these services are provided to private equity, real estate and alternative assets funds.
-- BERNAMA
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