Asia challenges the dominance of UCITS
Thu Dec 1, 2011
Joy Dunbar, editor of Absolute UCITS, explores the development of an Asian fund passport in the region.
Asia is set to develop a passport that aims to threaten the
dominance of cross-border UCITS funds. UCITS are sold to
investors around the world (except in the US) and are
widely-regarded as the global standard for global fund
passporting. Currently, UCITS also play a dominant role in
cross-border fund sales in to Asia.
The aim of an Asian passport is to sell local funds to Europe,
according to a document from regional forum the Asia-Pacific
It states: "In the longer term, a commonly agreed funds
management regulatory framework could also facilitate funds
from the Asian region being marketed in Europe by way of an
Asian/ European mutual recognition agreement."
Local asset managers are increasingly eager to develop local
products tailored to local investors' requirements, according
to an eight-page report published by Ernst & Young.
The report, Fund distribution strategies in Asia Pacific,
states that barriers to entry...
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