Cayman Islands boutique firm, Thorp Alberga, has opened in Hong Kong where it will be led by former Maples and Calder partners Richard Thorp and Harriet Unger.

Thorp, who was a partner at Maples for more than five years, boasts experience in venture capital and IPO work with Cayman and BVI companies while Unger has experience in debt and equity capital markets as well as securitisation and banking. Prior to her time at Maples, Unger also had stints with City firm Simmons & Simmons in London, Tokyo and Hong Kong in addition to secondments at two European investment banks.  Both Thorp and Unger are dual qualified in Cayman and BVI.

The firm’s move into Hong Kong is opportunely timed. The SAR not only relaxed listing rules late last year paving the way for Jersey and BVI incorporated companies to list on the HKEX— which is expected to increase the work on offer for offshore firms in Hong Kong— but recent consolidation activity among offshore firms has made the offshore legal market hierarchy as fluid as ever. It’s worth noting though, that Hong Kong is among the world’s most competitive offshore legal markets. All of the major offshore players (Appleby, Conyers, Harneys, Maples and Walkers) have offices there and enjoy a lucrative market.

Related stories:

• Offshore firms: Going for BRIC (Feb 2010)
• Appleby gains new partners from offshore competitors (Mar 2010)