Earlier this month I hosted a webinar in Hong Kong entitled “Offshore Separate Portfolio Company: Flexible Ring-Fencing in the World of Insurance, Funds and Family Office”. Having spent 17 years in Conyers’ Bermuda office before joining Hong Kong, separate portfolio companies (SPCs) or segregated accounts companies (SACs) were a big part of my practice. I saw increasing adoption of these structures amongst my US and European clients, but was surprised to see a low level of use or even familiarity in the Asian markets. In a totally non-scientific poll conducted live during the session, only 20% of the audience had worked with or encountered such entities. So what are SPCs and SACs?