The Malaysian manager is to launch two funds in Singapore under the Asean collective investment framework. These will become the first to be passported under the scheme.
Standard Chartered has been named as Maybank Asset Management's trustee for the first sharia-compliant fund on the Asean passporting scheme. Questions hang over when it will be passported outside Malaysia.
The Malaysian fund firm is understood to be looking to expand its retail presence to the city-state for the first time this summer as it targets the Asean passport scheme for growth.
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.
The head of Thailand's SCB Asset Management points to obstacles for foreign firms under the Asean passport scheme. Meanwhile, the firm's parent bank is moving to partner overseas players.
The Securities Commission has responded to suggestions it is moving too slowly in terms of implementing the Asean Collective Investment Scheme compared with other countries.
The Monetary Authority of Singapore has given the products the green light, but industry observers highlight that regulators in Malaysia and Thailand have yet to do so.
Some distributors in Southeast Asia are unsure what the recently launched Asean fund passport will offer them in the near term that they do not already have.
The Malaysian asset manager is partnering Nikko AM to tap Singapore's retail market and will target European institutional investors using Ucits funds. Thailand is also on its radar.
The $1 trillion French fund house's new subsidiary in Bangkok will launch today, headed by Prapatpong Weeramon. It was set up with an eye on the Asean passporting scheme.
Many of the operational guidelines fall under each local jurisdiction, which could lead to delays and duplication. Time-to-market and costs are seen as potential obstacles.
Operational details and application procedures for the cross-border scheme are released in Singapore, Malaysia and Thailand. The first of Asia’s three fund passports is underway.