Singapore-based asset management firm Paragon Capital Management opened its first overseas office in Hong Kong, joining a growing number of foreign money managers in tapping more wealthy clients in the financial hub.
The firm, which manages S$1.2 billion (US$880 million) in assets, has received a license for activities from the Securities and Futures Commission, it said in a statement on Tuesday. That will allow Paragon to provide a comprehensive range of services to clients in the Greater China region.
The Hong Kong team will serve as a “bridge connecting clients across North Asia and Southeast Asia”, said Paul Lee, co-founder, CEO and chief investment officer of Paragon. Hong Kong makes an ideal wealth management hub, the firm said.
Hong Kong’s asset and wealth management business grew 2 per cent in 2023 to HK$31.2 trillion (US$3.99 trillion), according to a survey by the SFC. The city became Asia’s top financial centre in a global ranking in September, after losing the crown to Singapore during the Covid-19 pandemic years.
Paragon, whose top managers have held key roles at global firms including Credit Suisse, Bank Julius Baer and UBS, manages several hedge funds, equity funds and real estate funds, according to its website. Its Paragon Alpha I hedge fund, managed by Lee, has returned 132 per cent to investors since inception.
