Hangzhou Fund Town launches overseas office in Greenwich, US

Yuhuang Shannan Fund Town, a hedge-fund hub in Shangcheng district of Hangzhou, Zhejiang province, launched an overseas office in the town of Greenwich, Connecticut, the United States on Nov 22.

As China's first investment management commercial park for the country's fledging hedge fund industry, Yuhuang Shannan Fund Town was built in 2015 that replicates the affluent town of Greenwich, which is home to more than 400 hedge funds managing about $750 billion in assets.

Catherine Smith, commissioner of the Connecticut Department of Economic and Community Development said that Greenwich and Yuhuang Shannan Fund Town have deep connections and hoped that both sides can further cooperation across the business spectrum.

"The strengthened relationship with international financial centers including New York and Greenwich is of great importance for the town to attracting high-profile talents and raising its international profile," said Zhao Yongfeng, a Yuhuang Shannan Fund Town representative.

A cooperation memorandum was also signed at the launch ceremony.

In addition to Greenwich, Yuhuang Shannan Fund Town has also set up overseas branches in New York, London and Frankfurt.

By the end of October, the town had attracted a total of 2,798 financial institutions with 1.23 trillion yuan ($161.35 billion) in assets.