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 Economic Cooperation.
It states: “In the longer term, a commonly agreed funds management regulatory framework could also facilitate funds from the Asian