HI HR132

Supports the development of an Asia-focused fund management industry in Hawaii through the AKAMAI Foundation and other incentives to generate tax revenues, jobs, and economic diversification.

Requests the Governor and executive agencies to develop a coordinated strategy for establishing and growing the fund management industry in the state.

Directs the Hawaii Strategic Development Corporation to establish a task force to formulate development strategies and report findings and recommendations to the Legislature by 30 days before the 2012 Regular Session convenes.

Identifies Hawaii's competitive advantages for hosting fund management operations, including U.S. sovereignty, favorable time zones for both Asian and New York markets, Asian cultural connections, and quality of life attributes.

Highlights potential benefits including economic diversification, increased median income for residents, internship opportunities, support service demand, and expansion of tourism through Asia-focused financial conventions and events.