Following the recent news that Schroders has agreed to buy UK-based Cazenove Capital, the independent investment firm, for £424 million (about $644 million), the latter has confirmed it opened a Hong Kong office, after receiving licence approval from the Securities and Futures Commission.

Sandy Dudgeon, managing director of Cazenove Capital Management Asia Limited, will head the wealth management business in Hong Kong. Robert Ridland, fund director, and Catherine Chow, office manager, will be part of the team in the Hong Kong office and will report to Dudgeon.

“Cazenove Capital has built its reputation on personal service, bespoke discretionary fund management and superior risk-adjusted performance. Having a local presence will ensure we can continue to offer the highest level of client service and wealth management expertise to existing and to new clients in Hong Kong,” said Dudgeon in a statement released by the firm.

Andrew Ross, Cazenove Capital chief executive said: “We believe that there is a great opportunity to build on our current success in this region. The Cazenove Capital brand resonates well in Asia and we already have strong contacts and a high quality client base in Hong Kong on which to build. Having a local presence in Asia demonstrates our long-term commitment to current and future clients in the region.”

Cazenove Capital is a provider of wealth management services to private clients, family trusts, companies, charities and pension plans.  The wealth management arm of Cazenove Capital has assets of $19.9 billion (at 28 March 2013).