Wells Fargo plans Asia expansion of fund services customers
Wells Fargo & Co said it planned to increase its Asian fund services clients by 20% annually. In a phone interview, Wells Fargo's Co-Head of the Global Fund Services Division Christopher Kundro told Bloomberg that the bank has 20 clients currently getting its fund services in Asia. These clients are managers of hedge funds, private equity, traditional and hybrid funds. "In terms of geographical expansion, we're looking more toward funds in Hong Kong," he added.
Asia currently comprises 15% of Wells Fargo's global fund services revenues. The bank now wants to strengthen its foothold in the region now brimming with potential investment opportunities. Kundro said Wells Fargo would gain an advantage by increasing their issuances of high-yield bonds as its expertise lies on managing more complex funds like credit and those that revolve around emerging markets.
Data gathered by Bloomberg revealed that bond sales from the Asia Pacific Region amounted to USD 1.8 trillion since the beginning of last year. This represented a rise of 18% compared to more than two years ago.
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