The Hong Kong Securities and Futures Commission (SFC) suspended Chow Tsz Lam, a former responsible officer and manager-in-charge at the now dissolved Agg. Asset Management Limited, for 12 months from 2 September 2025 to 1 September 2026 for fund management failures. The investigation found that Agg, acting as investment manager of a Cayman-incorporated fund, invested up to 100% of the fund’s assets in debentures issued by companies controlled by Ng Ka Shun, Agg’s sole shareholder, director and other responsible officer, and failed to avoid conflicts of interest and properly manage fund risks. The fund also invested in two debentures that appeared to have been constructed to inflate the fund’s net asset value. Chow, who held senior management roles including responsibility for compliance and risk management, failed to ensure the firm acted in the best interests of the fund and its investors and complied with applicable regulatory requirements. In setting the sanction, the SFC cited his cooperation, lower level of responsibility relative to Ng, the absence of a dishonesty finding, a report he made that triggered the investigation, and an otherwise clean record.
Hong Kong Securities & Futures Commission 2025-09-04
Hong Kong Securities and Futures Commission suspends former Agg. Asset Management responsible officer Chow Tsz Lam for 12 months over fund management failures
The Hong Kong Securities and Futures Commission suspended Chow Tsz Lam, former responsible officer at Agg. Asset Management Limited, for 12 months due to fund management failures. Agg invested up to 100% of a fund's assets in debentures linked to its sole shareholder, failing to manage conflicts of interest and fund risks. The SFC noted Chow's cooperation and lower responsibility level in determining the sanction.