Threadneedle launches in Asia with HK office

HONG KONG (Reuters) - UK fund house Threadneedle said on Monday it had launched operations in Asia with the opening of a Hong Kong office in a bid to win more business in the fast-growing but increasingly competitive region.

The London-based firm said it had hired James Campion, most recently Asia Pacific head of mutual funds for the asset management arm of German insurer Allianz, to spearhead the group's expansion into the region.

Campion will work with institutional investors and fund of funds managers to grow its client base in Asia, the company said.

"Whilst Threadneedle has been investing in Asia for many years now, we recognise that there is a growing demand for our funds amongst Asian-based investors," David Gasparro, the firm's head of distribution, said in a statement.

Threadneedle, a unit of Minneapolis-based Ameriprise Financial Inc, managed $125 billion (63 billion pounds) at the end of March, including $5 billion invested in Asian equities.

In March it was named the best large overall group and best large UK equity group at the 2008 Lipper Awards in London. Fund tracker Lipper is a unit of Thomson Reuters.

But Threadneedle will face fierce competition in the Asian marketplace, where UK peers Schroders Plc Prudential Plc and HSBC Holdings have well established Asian fund operations.

Campion was previously Schroders' regional head of mutual funds for non-Japan Asia and was also a managing director with New Star Asset Management.

(Reporting by Jeffrey Hodgson; Editing by Anne Marie Roantree)