UK-based HSBC Group has established its asset management business in Brunei with the opening office of HSBC Global Asset Management.
Located at the HSBC main branch in the capital, the office started operations in January 2009 and provides investment expertise and a range of investment management services to clients in Brunei, said HSBC.
Mah Fun, CEO of HSBC Global Asset Management Singapore, will have management oversight of the new office in Brunei.
Tareq Muhmood, CEO of HSBC Brunei, noted that the new office will strengthen HSBC’s overall business in Brunei and will allow HSBC to contribute further to the development of a skill-based workforce. The bank currently employs over 700 staff in Brunei, most of who are local employees.
Rudolf Apenbrink, CEO of HSBC Global Asset Management for Asia-Pacific, said: Our presence in Brunei is a strategic move for our expansion in Asia. It provides an extension of our office in Singapore to serve the regional markets of southeast Asia. This move was made possible by the Brunei government’s support to create a conducive business and investment environment for the local financial industry.
