Apex Group Ltd. acquired Custom House in 2018. The Beijing office came from the Custom House business and has an expert hedge fund team. As part of the wider Apex Group, clients have access to cross-jurisdictional expertise worldwide via the Apex global network of over 40 offices.
Change in the jurisdiction has been dramatic; foreign institutional investors are now allowed to trade China listed equities and domestic institutions are able to invest in markets outside of China, whilst more recently Hong Kong received approval as the first and only RMB clearing centre. RMB has been a non-convertible currency and is controlled by the State Authority of Foreign Exchange (SAFE) for inward and outward payment out of China and every transaction is monitored via the banks.
Agreements have now been signed with countries like Malta and Ireland which has resulted in investment in offshore domiciled funds increasing. With this rapid development in the local fund industry and the exciting investment opportunities arising, Apex offers a safety net to its China based clients encouraging sound governance, compliance procedures and risk management processes. These benefits are especially important for domestic managers looking to setup offshore funds as the Apex global network provides a strong support and cross boarder global expertise.