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Last updated at: (Beijing Time) Wednesday, February 04, 2004

Top US asset management firm opens HK office

OppenheimerFunds Inc., one of the largest US asset management companies, opened Tuesday its first overseas office with Oppenheimer Funds (Asia) Limited in Hong Kong.


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OppenheimerFunds Inc., one of the largest US asset management companies, opened Tuesday its first overseas office with Oppenheimer Funds (Asia) Limited in Hong Kong.

OppenheimerFunds Chairman, President & Chief Executive Officer John Murphy said Hong Kong offers extensive opportunities, including the sheer size of its mutual fund market.

"The great potential and demand for financial products in this vibrant city provides the ideal environment for us to establish our first overseas office," he said.

Attending its opening ceremony, Hong Kong's Financial Secretary Henry Tang said he is delighted the company has chosen Hong Kong. "This represents a vote of confidence in Hong Kong's sound economic fundamentals and strengthens our leading position as an international fund management center in Asia," he said.

OppenheimerFunds will initially offer 11 products in Hong Kong in three main categories - Global Equity Funds, US Equity Funds and Income Funds.

Founded in 1960, OppenheimerFunds manages more than 150 billion US dollars in assets. The assets are managed under more than 65 US domestic and offshore mutual funds held in over 7 million shareholder accounts.


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