Eastspring Investments, the Asia asset management arm of UK-based Prudential, is set to create an entity in Luxembourg to distribute its funds in Europe.
Graham Mason, chief executive, says Eastspring Investments has received regulatory approval from the Commission de Surveillance du Secteur Financier, the Luxembourg regulator, for the creation of Eastspring Investments (Luxembourg).
Henk Ruitenberg, former chief executive of Eastspring Investments’ business in Vietnam, has relocated to Luxembourg as an executive board member.
The business currently has about $19 billion (€14 billion) in assets under management on its Luxembourg Sicav platform, and sells funds in Singapore, Hong Kong, Taiwan and the UAE. Indirectly, the products are available via fund of funds and feeder funds in Japan and Korea.
Mason says the Luxembourg expansion aims to capitalise on increasing interest in the Asia growth story from global investors.
“With an operation now established in Luxembourg, plans are well advanced to open a branch office of Eastspring Investments (Luxembourg) in the UK within the next few months, subject to the necessary regulatory approvals,” he says.
The company will aim to sell funds to European investors seeking exposure to Asian equities and fixed income, he adds.
“There has been significant interest from pension funds in the Nordics and Benelux regions which are seeking diversification outside their domestic regions,” says Mason.
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