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Komfie Manalo, Opalesque Asia: The Hong Kong chapter of the global hedge fund industry association, Alternative Investment Management Association (AIMA), on Thursday welcomed the proposal of Hong Kong’s Financial Secretary John Tsang to allow local open-ended investment companies.

Phil Tye, Chairman of AIMA Hong Kong, said, "We believe that having a locally incorporated vehicle whose primary regulator is the Securities and Futures Commission is extremely important for local managers and potential new market entrants. We would like to express our support for the Financial Secretary and the Financial Services Treasury Bureau (FSTB) for their identifying this key initiative."

The proposals, included in the budget, calls for the conduct analysis to understand the benefits of introducing a locally incorporated open-ended investment vehicle for use by the local funds industry, which will enhance Hong Kong's standing as a regional asset management hub, particularly if the current offshore funds profits tax exemption is extended to all bona fide hedge funds domiciled in Hong Kong.

"These proposed changes are a step in the right direction to further strengthen Hong Kong’s role as a regional asset management center, helping to create jobs in Hong Kong from support services to these new locally-incorporated vehicles," Tye added.

In the same budget proposals presented before Hong Kong’s Legislative Council, ......................

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