SINGAPORE & LOS ANGELES & SAN FRANCISCO & NEW YORK - Nov. 6, 2019 - Singapore Expansion, Next for Astor Capital Funds
Singapore is emerging as one of the leading attractors for Asian financial institutions seeking to expand in the Asian market. Much of this is due to a consistently burgeoning presence of U.S. China based investment and tech firms, already successfully leveraging the market. Singapore's stable political and economic climate creates a strong pro in terms of strengths, especially amid the current market volatility and waning talks between China and the U.S. on trade, which is effectively unnerving some investors.
Amid reports of Astor Capital's expansion in Singapore, it only serves to bolster continued positive relations encouraging partnerships between Singapore and China in terms of operating and expansion both in China by Singapore countries and reciprocally by China to Singapore.
Thus, with so many banking institutions, heavily leveraging their positions in the private wealth management markets both in Hong Kong and Shenzhen, it's not the least bit shocking that expansion by Astor Capital Fund is purportedly happening into 2020 in Singapore.
According to CNBC, a survey published by trade publication Asian Private Banker last year, "58% of those surveyed, ranked Singapore as the most preferred offshore wealth management hub, followed by Hong Kong and Switzerland, respectively. And says, Rahul Sen, a London-based global leader for private banking at headhunter Boyden, said three of his multi-office wealth advisory clients decided in the last few weeks to hire teams of bankers in Singapore after initially considering Hong Kong."
Thomas Mellon, CEO of Astor Capital Funds, spoke peripherally on the issue, while commenting on Asia and the Asian Markets. He said, that while he was still heavily invested in the presence in Hong Kong and even expanding, he understood the need for expansion and change. Although, he only hinted to what might be on the horizon. As always, he spoke the importance of loyalty, saying, "we always seek to emerge stronger than we did the year before." When asked about Singapore, again he would not comment specifically on the expansion and reiterated that no commitments have been made in 2019. Still, it does appear that new hires are already being courted in the region. Mellon did close in summary, by making a comment on the market itself. He summarily stated, "Singapore is truly the emergent winner presently, as Hong Kong investors and high-net-worth clients, look for alternatives… that is, alternatives out of Hong Kong. But, am I worried about Hong Kong or our presence in the region? No. No, not at all. No concerns. The proof is in the paper. I'd point you there if you have any questions. Our last quarter numbers speak volumes."
Honghui Tsai, Managing Director of Astor Capital Fund, Asia, had not publicly commented on the matter as of the time of this release.
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