Hong Kong welcomes Alder SFC hire

Author: | Published: 29 Jul 2011
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Hong Kong’s financial sector has welcomed news of the hiring of Herbert Smith Hong Kong based partner, Ashley Alder, as Securities and Futures Commission’s (SFC) new chief executive.

Alder will replace Martin Wheatley who left the SFC in June to head up the UK’s new Consumer Protection and Markets Authority.

The SFC is expected to formally announce the move on Monday.

“This is great news for the market,” said a Hong Kong-based bankers’ counsel. “Alder knows the people in the market, he knows the banks. He understands.”

Alder’s three-year stint as board member and executive director of the SFC’s corporate finance division from 2001 to 2004  garnered him the respect of the market, explained one international law firm partner based in the city.

“The market thinks very highly of him; he did better in that role than many others managed,” he said.

As Herbert Smith’s Asia head, Alder specialises in private equity, financial services, venture capital and direct investments, as well as regulatory and compliance work. A replacement for him at the firm has already been lined up and will be announced next week, a person close to the matter told IFLR. 

Alder was unavailable for comment. While a Herbert Smith spokesperson said the hiring was well-deserved. “We are delighted for him,” he said.