Greenwich And Hangzhou, China Become Sister Cities

GREENWICH, CT — In an effort to court economic development with Chinese investors, Greenwich officials will sign a resolution next week that it has obtained Sister City status with Hangzhou, China.

"As Sister Cities, Greenwich and Hangzhou are seeking to promote social, cultural and commercial relationships that will broaden and strengthen ties, developing cooperation through initiatives and projects that increase awareness that both cities are global financial centers," wrote Greenwich officials in a statement.

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The two communities are also similar in that they are close to global financial centers (New York City and Shanghai), and offer high standards of living "away from the urban bustle."

During a ceremony in Greenwich Town Hall next week, First Selectman Peter Tesei and members of his Economic Advisory Committee - which spearheaded the effort for the town - will greet a delegation of a dozen special guests for the signing, led by Tao Guo, Secretary General of Zhejiang International Hedge Fund Talent Association. The event is scheduled for 11 a.m. on Tuesday, May 23, in the Greenwich Town Hall Meeting Room.

According to town officials, Greenwich ranks third globally with a concentration of 380 hedge funds that
manage $350 billion in assets, which helped the town become "the model for developing Shangeheng, China's first investment management commercial park, as a 'fund town' just outside Hangzhou, which is home to China's largest stock exchange."

From the Greenwich release:

A group of Chinese journalists visited Seattle, Wash., California’s Silicon Valley and Greenwich in 2013 and were guided by the future “fund town” architectural development team that provided first-hand impressions of what to emulate for returning ex-pat North American-educated Chinese so they could replicate living and working environments here in the United States.

Two features of Greenwich stood out: 1) proximity to an urban center while remaining a location that offers an outstanding lifestyle setting with diverse commercial facilities; and 2) a concentration of industry leaders, financial figures and wealthy, high net worth residents.

In the fall of 2016, there was a reciprocal fact-finding visit. Chairman of Greenwich’s First Selectman’s Economic Advisory Committee James Aiello, Greenwich business consultant Bob Lardon, and Bruce McGuire, founder and president of the Greenwich-based Connecticut Hedge Fund Association, attended a conference on Global Alternative Investments hosted by the People’s Government of Zheijang Province and the Asset Management Association of China. The trio were guests and participated in a panel discussion on Fund Town Investment Environment.

The Economic Advisory Committee members returned with a desire to propose to Greenwich’s Board of Selectmen that it create an ongoing relationship with official status as a “sister city.” The May 23rd resolution signing ceremony between Hangzhou and Greenwich is expected to mark the start of promoting cultural and commercial ties with a “sister city.”

The members of the First Selectman's Economic Advisory Committee (as of May 2017) are:

• James Aiello (Chair) – Real Estate and Investments
• Luke Albright – Securities Industry
• Nick Barile – Real Estate Development
• Christine Georgopoulo – Fine Arts and Real Estate
• Donald Heller – PR and Marketing (Retired)
• Robin Kencel – Real Estate Brokerage and Marketing
• Tamara Ketler – PR/Marketing
• Jay Madia – Securities Industry
• Frank McBearity – Greenwich Chamber of Commerce
• Bruce McGuire – Hedge Fund Industry
• James Ritman – Commercial Real Estate Brokerage
• John (Casey) Roach – Securities Industry
• Sabine Schoenberg – Real Estate and Marketing
• Paul Settelmeyer – Nonprofit Executive and Commercial Banking (Retired)
• Catherine Sidor – Nonprofit Executive

Additional information:

The Connecticut Hedge Fund Association. CTHFA, was founded in 2004 and regularly holds industry-focused conferences in Fairfield County. Its mission is to promote a favorable business climate for hedge funds operating within Connecticut and to provide networking and educational forums for its members and invited guests. www.connecticuthedgefundassociation.org

The Chinese Hedge Fund and Talent Association is sponsored by the Finance Office of the Zhejiang provincial government and is headquartered in city of Hangzhou. The HTA is China’s largest body of senior hedge fund portfolio managers and influential figures in the asset management industry. www.cnhta.org

For more information, contact Catherine Sidor, EAC Communications, economicadvisorycmte@gmail.com or 203-661-0607.

(Editor's Note: Patch is re-posting this story in case you missed it the first time around.)