U.S. money manager AMG expands presence to Asia

HONG KONG Jan 19 (Reuters) - United States-based Affiliated Managers Group Inc (AMG) (AMG.N), which hold stakes in money management firms, said on Wednesday that it has expanded its presence to Asia with an office in Hong Kong.

The Hong Kong office will be headed by Managing Director James Sim, who previously worked for Columbia Management, Principal Global Investors and the asset management arm of Morgan Stanley (MS.N).

The company, which owns stakes in investment manager Third Avenue Management, hedge fund firm AQR Capital Management, and other entities, said total assets managed by its affiliates stood at more than $300 billion.

Like many other asset management firms, AMG has been expanding overseas to diversify and tap into growing savings by foreign consumers.

Clients outside of the United States generated more than half the earnings of AMG, the firm said in a statement.

AMG invests in money management firms and helps them in marketing, distribution, product development and operations. (Reporting by Nishant Kumar; Editing by Chris Lewis)