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Komfie Manalo, Opalesque Asia for New Managers:

Post 2008 it has become anywhere more difficult for start up managers to set up shop. Japan is particularly difficult to get started in Japan as it takes roughly a year to obtain a full discretionary investment management or Type I & II securities license, said Rory Kennedy, COO of Rogers Investment Advisors at the latest Opalesque Japan Roundtable.

"It will take you probably close to a year to get the full discretionary investment management license or type I &II securities license from scratch, so going onto a platform reduces your start-up time considerably," Kennedy said.

In addition to the length of time it takes to get a license, all applications and documentations have to be done through the Japanese language, a barrier that does not exist in Hong Kong or Singapore, for example. Aside from that, Japan also has a high regulatory capital requirement compared to Hong Kong and Singapore.

Kennedy said that Rogers Investment is working on a selective basis with managers to join their platform, allowing them to get going in less than a year and reduce cost.

Asked if there are more platforms in Japan like Rogers Investments, Kennedy said that there are currently a few, but added these platforms do not neces......................

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