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Alternative Market Briefing

Cerulli research focuses on impact of development of Asian fund passport on UCITS

Tuesday, October 22, 2013

Beverly Chandler, Opalesque London:

Latest research from Cerulli Associates focuses on the fact that regulators in Asia are considering ways of facilitating cross-border distribution in the region, either by creating a regional alternative to UCITS or via bilateral agreements between countries. Cerulli writes: "As Asia is currently the main importer of UCITS outside of Europe, industry practitioners are understandably concerned that these initiatives will one day become a reality." However, the firm believes such fears are overstated.

Currently, negotiations are underway between China and Hong Kong for the mutual recognition of mutual funds and unit trusts in each other's jurisdiction. But beyond that bilateral agreements might not necessarily work against UCITS, Cerulli says.

"There is nothing to stop China extending its offer to other domiciles such as Taiwan, Singapore, and even countries beyond Asia, such as Luxembourg," noted Angelos Gousios, senior analyst at Cerulli Associates. "Chinese managers are keen to expand their presence in Europe. For that to happen, regulators in Europe would have to insist that UCITS is part of the deal and that providers be allowed access to China."

Barbara Wall, a Cerulli director, added, "Managers should not lose sight of the fact that Europe is still by far the largest market for UCITS, representing three-quarters of total cross-bor......................

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