Apex is the first wholly foreign owned domestic administrator to set up in China.
Apex China was established in 2007. Prior to the Apex office opening in the region, fund administration did not exist in the country the way in which the rest of the world understands it. Consequently, domestic managers here are still becoming familiar with the benefits of outsourcing their fund administration requirements.
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.