Tricor Group (Tricor) congratulates 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 August 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 center in Asia, the soon to be favored domicile and location for fund managers,” said Gary Tok, Group Chief Commercial Officer, Tricor Group.
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Hong Kong SAR has always been viewed as the regional headquarters by most Asian-focused funds. 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. This allows Hong Kong SAR to compete with the likes of the Cayman Islands and Singapore while offering a closer proximity to the mainland, its investors and abundant investment opportunities.
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