Private banks still shunning passive funds

While institutional investors continue to pour into passive products, private bankers are resisting using them as they don't pay retrocession fees, said Jessica Cutrera, a co-founder of the Association of Independent Asset Managers of Hong Kong (AIAM). As for private banks that use passive strategies, they tend to lean heavily on proprietary products if they have that option, she told AsianInvestor. Cutrera, head of operations and compliance at EXS Capital, a Hong Kong-based IAM, …