Union Gaming Group LLC has announced the official opening of its office in Hong Kong, based in the Shun Tak Centre in Sheung Wan. The building (pictured) is directly above a ferry port that serves the Hong Kong-Macau route.
Union Gaming Group is a portfolio of businesses specialising in equity research, sales and trading, investment banking, and market and economic analyses relating specifically to the global gaming industry.
The Hong Kong unit, Union Gaming Securities Asia Ltd, said it has received formal approval to commence both Type 1 and Type 4 regulated activity in Hong Kong effective March 26, 2015. The licences cover dealing and advising in securities.
The research house said it would remain focused exclusively on the global gaming sector, with the Macau office becoming a branch of the Hong Kong operation.
“Our view is that Asia represents the geographical future of gaming. Becoming licensed to deal and advise in securities in one of the financial capitals of Asia, and the financial centre with the greatest exposure to the regional gaming industry, is imperative as we seek to grow the business,” Grant Govertsen, managing director and principal of Union Gaming Group, told GGRAsia.
“The one-two punch of being based in a financial capital (Hong Kong) and a gaming capital (Macau) is a unique advantage for Union Gaming,” he added.
The group has hired Carrie Yu as a director and responsible officer of the Hong Kong unit. Ms Yu joins Union Gaming Securities Asia from JP Morgan Asset Management in New York, where she was responsible for covering the global gaming sector.
The company’s equity research team will still remain based in Macau, complemented by the U.S.-based research team in Las Vegas and New York.
“We couldn’t be more excited about the formal granting of our licences, commencement of business, and deeper investment into Asia,” Rich Moriarty, managing director of Union Gaming Group, said in a statement.
Union Gaming Group has been expanding its global research team. In November, the company announced the hiring of Christopher Jones as managing director and head of equity research in North America, as well as experienced analysts John DeCree and Steven Maniago.
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