Vanguard is establishing an intermediary business in Hong Kong. The Hong Kong office, which up until now only served institutional clients, opened two years ago in Asia. Along with the new business unit, Vanguard also said the announcement of its first locally domiciled product offering in Hong Kong is imminent.
Shelly Painter, Vanguard Asia regional managing director, currently heads the Asian team from the Hong Kong office. Linda Luk, managing director of retail and intermediary sales, will head the group that focuses on intermediaries.
"We have been privileged to do business with institutions in Asia for several years, including institutional investors in Hong Kong. We have built out our presence here because we believe Vanguard's approach to investing can benefit even more Asian investors, Painter said in the release.
"As we work to bring our investment approach - including a focus on low investment costs - to more investors around the world, Vanguard's commitment to building our presence in Asia through the expansion of our regional hub in Hong Kong is a natural step. We believe we can help position more investors in Asia for greater long-term financial success, added James Norris, Vanguard international managing director
Vanguard first entered the Asia Pacific region in 1996 with an office in Australia. The Japan office opened in 2000 and an office in Singapore in 2003 followed. The Hong Kong office will serve as the Asian hub for the company.