Union Gaming Securities Asia Limited, a wholly owned unit of Union Gaming Group, said it has received formal approval to begin both Type 1 and Type 4 regulated activity in Hong Kong effective 26 March, 2015.
The licenses cover dealing and advising in securities. The company said it will focus exclusively on the gaming industry.
The company also announced the hiring of Carrie Yu as a Director and Responsible Officer of the Hong Kong Company. She was formerly with JP Morgan Asset Management in New York, where she was responsible for covering the global gaming sector.
“We couldn’t be more excited about the formal granting of our licenses, commencement of business, and deeper investment into Asia,” said Rich Moriarty, Managing Director and Co-Founder of Union Gaming. “We have always believed that the next 20 years belongs to Asia as it relates to the casino-integrated resort industry, and we want to make sure that our commitment to the region fully reflects the opportunity that we believe exists.”The company’s equity research team will remain based in Macau.