Edinburgh-headquartered asset management firm Baillie Gifford has expanded into Hong Kong with a new marketing office.

Baillie Gifford is to open an office in Hong Kong thanks to a Type 1 regulatory licence from the Securities and Futures Commission, which will enable it to market and sell funds to investors in the city.

Angus Macdonald, the firm's previous head of group legal, has relocated from Edinburgh to head the operational side of the new office. Baillie Gifford said he would be joined by a senior marketer and other colleagues but did not give further details.

The firm, which had £123 billion of assets under management as of the end of last year, has served clients in Asia since 1989.

“With regulatory developments opening up new markets within the region and with Asian institutional investors seeking to diversify internationally into the type of strategies that we offer, we believe that now is the right time to be establishing a permanent presence in the region,” said David Henderson, partner at the firm and chief executive of Baillie Gifford Asia (Hong Kong).

“The new office will enable us to meet clients’ needs and to continue to diversify our client base and distribution channels, as we have done over the past 100-plus years. It is a recognition that our business does not stand still.”