Value Partners has set up an office in Malaysia after receiving approval in principle from the Securities Commission Malaysia for a capital market services licence for fund management, according to a statement from the firm.
The Kuala Lumpur base will serve as its hub in Southeast Asia for product development, investment and distribution. The firm intends to build in-house capabilities for Southeast Asia-focused products, including ETFs and shariah-compliant funds, the statement said.
“The Malaysia office will serve as a major platform for us to further strengthen the Value Partners brand and distribution network in Southeast Asia,” according to King Au, chief executive officer.
In a previous interview, Au explained that Value Partners wants to build on its shariah capabilities, as it has already been advising on a shariah-related mandate.
He added that since Malaysia is the largest shariah market in Asia, the firm believes there are a lot of opportunities in the shariah space.
Michael William Greenall, managing director for the firm’s Southeast Asia business. is leading the expansion in Malaysia. His responsibilities include building up sales and marketing activities, covering intermediaries, private banks and institutions, according to the statement.
Greenall first joined Value Partners in July, said a Hong Kong-based spokeswoman for the firm. Before Value Partners, he was managing director and regional head of research at CIMB Securities, where he led a team of 70 analysts across nine countries in Asia.
By the end of 2018, the firm expects to have five employees in Kuala Lumpur, including sales and investment professionals, the spokeswoman said. The firm intends to double the local headcount by the end of 2019, she added.
Besides Hong Kong and Kuala Lumpur, Value Partners has offices in Shanghai, Shenzhen, Singapore and London. It also expects to open a US office in Boston to strengthen fund distribution to institutional investors in North America, where the firm believes there is growing demand for China- and Asia-focused investments.
Globally, the firm managed $16.6bn in assets as at the end of August 2018, according to the statement.