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Luxembourg firm Elvinger Hoss & Prussen is launching a representative office in Hong Kong next month, its first overseas base.
Elvinger follows its larger rival Arendt & Medernach to Asia and is targeting similar work, in the investment funds and capital markets arenas.
Partner Katia Panichi is relocating full-time to Hong Kong as of mid-June and will be joined in the office by a senior associate. Elvinger is registering with the Hong Kong Law Society as a foreign law firm and will only be offering Luxembourg advice from the jurisdiction.
Elvinger corporate partner Pit Reckinger said the decision to open in Hong Kong was prompted by client demand.
“We have a large number of clients who register Luxembourg funds in Hong Kong to sell to Hong Kong but also other jurisdictions in Asia,” he said.
Investment funds head Jacques Elvinger added that Asian clients had indicated consistent appetite for EU-regulated funds vehicles, such as those using the fourth iteration of the EU’s Undertakings in Collective Investments in Transferable Securities (Ucits) legislation, which was implemented last year.
As well as regulated funds advice, Elvinger will be advising on unregulated structures, capital markets, tax and other corporate transactions involving Luxembourg structures.
Arendt & Medernach opened in Hong Kong in October 2009. Benelux firm Loyens & Loeff also moved into the jurisdiction this year, relocating two partners to launch a Hong Kong office (6 January 2012).