With the big banks calling the shots on fund distribution in China and joint ventures losing favour, some asset managers may look to white-label products, says the Asia head of Oliver Wyman.
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Standard Chartered's advice to asset managers creating Hong Kong-domiciled funds to sell into China: create products that are both simple and strongly performing.
The product range on HK fund platforms must diversify beyond Asian underlyings to boost Chinese interest in mutual recognition, say asset servicers. That will mean more locally based capabilities.
Industry figures rubbish rumours that Beijing has agreed a mutual recognition scheme with London to rival HK’s own pending deal. It would be impractical and hurt HK-China interests.
The potential for success of the planned Asean and Hong Kong-China cross-border fund schemes seems clearer than that for the Asia region funds passport, argue industry players.