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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World T Rowe Price hits Taiwan in Asia expansion Reuters - Thursday, February 25 Send IM Story Print * Will target retail market, initial launch of four funds * Plans to add about 25 staff across Asia in 2010 By Claire Milhench LONDON, Feb 24 - U.S. fund house T Rowe Price <TROW.O> has kicked off business in Taiwan through a local tie-up and is planning to add to staff across Asia as part of a broader strategy to ramp up its presence in the region. Todd Ruppert, chief executive of T Rowe Price Global Investment Services, told Reuters it was partnering with investment consultant Marbo in Taiwan to target retail clients. Asset managers have recently stepped up their Asian asset-gathering focus in view of its rapidly growing middle class and the higher investment returns that are expected to come from emerging markets over the next 20 years. Asia also offers useful diversification away from clients in still-fragile western markets. "We looked at Taiwan long and hard before we signed a deal," said Ruppert. In order to sell to retail investors in Taiwan, foreign firms need to tie up with a local agent, known as a securities investment consulting enterprise . The wider Marbo Group is involved in media and internet platforms as well as asset management. "It has its own daily radio show and various publications through which it can promote our funds," said Ruppert. "There is no other big publishing company in Taiwan like it." Marbo is registering several funds for T Rowe, which it will distribute via its own electronic fund trading platform. It also plans to sign sales agreements with commercial banks, securities firms and insurance companies. Four of T Rowe's equity funds have been approved in the first registration batch -- an Asian ex-Japan fund, a U.S. smaller companies fund, a U.S. large cap value fund and a global natural resources fund. Baltimore-based T Rowe will also directly target institutional investors for mutual funds and separately managed accounts, it said. The move is part of a broader push which will see T Rowe hire some 25 people across Asia, excluding Japan, this year, including investment professionals and sales people. It also plans to build a much larger hub in Hong Kong by adding to human resources, middle office, and legal and compliance functions. Ruppert wouldn't give a breakdown of the Asia hires, but said T Rowe had hired 11 investment professionals in 2009 and was planning to hire about 20 across the world this year. Last year T Rowe pushed into the Indian market through the purchase of a 26 percent stake in UTI Asset Management for 6.5 billion rupees . UTI is the fourth-largest asset manager in India with some $17.8 billion under management at the end of 2009. It has a large retail distribution network of banks, advisers, securities firms and post offices. T Rowe is developing products for the retail market with UTI. The idea is that investors will buy into a UTI fund, which will feed money into T Rowe's equivalent fund. 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