Taiwan’s SinoPac to enter fund admin business
Taiwanese financial services company SinoPac plans to set up a fund administration unit in Hong Kong targeting private equity and hedge funds with less than $100 million in assets under management.
It estimates there are more than 1,000 funds in the region that fall below this threshold. Family offices and wealth management providers will also fall under its remit.
"About 85% of the funds out there have below US$100 million of assets under management," Steve Bernstein, a former Citigroup executive who will lead the business, told the Taipei Times. "The bigger funds all have great services. The small funds either have to go to multiple providers for different services or they are getting charged a lot."
In addition to administration services, it will help funds find legal advice and provide custody clearing. There is also the option of introducing funds to the wider SinoPac group, using the asset management division's sales force and wealth management network to assist with fundraising.
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