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.
Thailand signed up to the cross-border scheme this week, AsianInvestor can reveal, but the head of the local securities watchdog says take-up may be slow, at least initially.
Britain’s EU exit may raise the cost of fund distribution in the region, force foreign asset managers to rethink European strategies and threaten the possibility of a China-UK Stock Connect.
Yesterday’s signing of the memorandum of cooperation for the Asia Region Funds Passport has sparked calls for jurisdictions to address the unequal tax treatment of cross-border funds.
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.
The consultancy has established an investment fund centre in Singapore to cater to growing numbers of managers which are expanding outside their home markets. PwC is looking to hire managers and analysts.