Credit Suisse Asset Management gets HK nod

Hong Kong's Securities and Futures Commission yesterday (Thursday) granted Credit Suisse Asset Management a license to carry out business. The move comes as Hong Kong's wholesale asset management business booms. Figures published by the SFC show that assets under management in Hong Kong increased by 23% during 2004 to a record of HK$3,618 billion ($465 billion). Sources suggest that while CSAM has had an office in Hong Kong for a number of years, it was actually doing international…