US asset manager Federated Hermes plans to open Hong Kong office this year

US asset management firm Federated Hermes said it plans to open an office in Hong Kong to capitalize on the region’s rapidly growing wealth market.

The announcement marks a strategic expansion as the firm deepens relationships with private banks, family offices, wealth intermediaries and institutional investors across the Asia-Pacific region, the company said in a statement on Monday. 

The asset manager, with US$871.2 billion (HK$6.8 trillion) in assets under management, will focus its efforts this year on securing licensing approval from the Hong Kong Securities and Futures Commission (SFC) and completing the required registrations, it said.

Subject to approvals, the planned Hong Kong office will further strengthen Federated Hermes’ established Asia‑Pacific footprint, which includes existing regional offices in Singapore, Tokyo and Sydney, Federated Hermes said. The firm has maintained a presence in the region since 2010.