It would make little sense for China to accept Ucits funds or to merge with other Asian passport schemes, says Sean Tuffy, head of regulatory intelligence at custody bank BBH.
Programmes including mutual recognition, Asean CIS, QFII, RQFII and Stock Connect appear to have fallen in favour, while ARFP, QDII, QDLP and QDIE have gained popularity.
Six nations signed a statement of understanding to join the Asia Region Funds Passport at the Apec finance ministers meeting in Cebu. However, Singapore was not among them.
In a debate over what would make an Asia fund passport successful, panelists in Singapore question why Asia has not tried to plagarise Europe's successful cross-border scheme.
Ucits product is likely to be part of the mutual recognition scheme within two years, says the head of the Luxembourg funds association, despite a previous attempt to join being rejected by China.
Thailand’s biggest asset manager has seen a sharp uptick in flows into its foreign feeder funds and is working on building teams with a view to launching Asean products.