Key Takeaways
- • Boston-based Cambridge Associates is opening an office in Hong Kong, adding to its existing offices in Singapore and Beijing, as it expands its Asia focus.
- • The firm hired Edwina Ho in February 2021 as senior director of business development for Asia and relocated Mary Pang, head of its global private client practice, from San Francisco to Singapore.
- • Aaron Costello, the firm's regional head of Asia, described Asia as a long-standing key market for the firm.
- • A Knight Frank report cited in the coverage forecasts that the number of people with more than US$30 million in wealth in Asia will outpace the rest of the world through 2025.
- • Bloomberg data cited in the coverage show the combined wealth of Asia Pacific's richest billionaires reached US$2.5 trillion, almost triple the end-2016 level.
Summary
Cambridge Associates, a Boston-based investment firm whose clients include endowments, family offices and pension funds, is opening an office in Hong Kong. The move expands the firm's footprint in Asia, where it already operates in Singapore and Beijing. According to a statement issued Monday, the firm is pursuing growth in the region amid a surge in wealth creation. The South China Morning Post reported that the firm counts ultra-rich clients such as the Rothschild family among its client base.
The firm has made several moves to support the expansion. It hired Edwina Ho in February as senior director of business development for Asia. It also relocated Mary Pang, head of its global private client practice, to Singapore from San Francisco. Aaron Costello, the firm's regional head of Asia, said in the statement that Asia has long been a key market for Cambridge Associates and that the firm is excited to expand in Hong Kong as the next stage of its mission to deliver strong investment performance and service to clients across the region.
The expansion reflects broader trends in regional wealth. According to a Knight Frank report published last month, the number of people in Asia Pacific with more than US$30 million is forecast to outpace the rest of the world through 2025. Bloomberg data cited in the coverage show that the richest Asia Pacific billionaires are worth a combined US$2.5 trillion, almost triple the level at the end of 2016.
The firm has made several moves to support the expansion. It hired Edwina Ho in February as senior director of business development for Asia. It also relocated Mary Pang, head of its global private client practice, to Singapore from San Francisco. Aaron Costello, the firm's regional head of Asia, said in the statement that Asia has long been a key market for Cambridge Associates and that the firm is excited to expand in Hong Kong as the next stage of its mission to deliver strong investment performance and service to clients across the region.
The expansion reflects broader trends in regional wealth. According to a Knight Frank report published last month, the number of people in Asia Pacific with more than US$30 million is forecast to outpace the rest of the world through 2025. Bloomberg data cited in the coverage show that the richest Asia Pacific billionaires are worth a combined US$2.5 trillion, almost triple the level at the end of 2016.
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