|
Komfie Manalo, Opalesque Asia: Sunshine funds in China are booming but there is no real structure around them, said Steve Bernstein, CEO of SinoPac Solutions and Services, a part of SinoPac Holding during the latest Opalesque 2015 Hong Kong Roundtable.
He told participants of the Roundtable, "I just came back from visiting AMAC (Asset Management Association of China) in Beijing, who is the regulator now of all the sunshine funds. At the end, it was very clear to me that there’s a lot of work to be done. There are 20,000 funds now that are registered with AMAC whereas a year ago there were only about 5,000 funds."
Bernstein said that AMAC has yet to commit to international standards in regulating sunshine funds. Currently, the fund administration of sunshine funds is done by a custodian or in-house, because they do not have an external fund administrator.
This set up can create concerns for investors who might not want to put money into an onshore fund without knowing if they have an external fund administrator calculating the NAV.
In late December, AMAC reported that there were at least 24,625 hedge funds registered, up from nearly 17,000 in January of the same year. The nearly 44% increase over the course of a year reveals a growing industry.
...................... To view our full article Click here
|
|