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ASIFMA forms asset management group

Hong Kong’s Asia Securities Industry and Financial Markets Association (ASIFMA) has launched an asset management group to advocate the views and interests of Asian asset managers at local, regional and global levels.
Fund Selector Asia

The Hong Kong based industry body has named Eugenie Shen as the managing director and head of ASIFMA’s Asset Management Group (AAMG), which already had 15 members at launch.

AAMG will work closely with its members, communicate with policy makers on regulatory issues, partner with existing associations locally and globally, and promote best practices and consistent market standards across the region.

“AAMG was established to act as a collective voice of the asset management industry in the region,” Shen said.

“Its mission is to promote the development of liquid, efficient and open capital markets in Asia by harnessing the shared interests of the industry, driving consensus, developing best practices and uniform standards, and effecting change that would lead to more competition and efficient intermediation of investors in the region.”

Shen explained the group will focus on a range of issues including “developing best practices and uniform standards on various types of disclosure, quicker time to market for new products, passporting of funds and other initiatives to help promote cross-border business expansion, while reducing the overall cost of doing business in multiple jurisdictions”.

The Asian asset management industry is slowly gearing itself towards the cross-border sale of collective investment schemes (CIS) with Singapore, Malaysia, and Thailand entering into a pact in October.  Recently, the Thai regulator published a set of draft guidelines for cross-border ASEAN CIS to be sold to retail investors.

AAMG structure

AAMG is led by a steering committee comprising senior representatives from each member. Key leadership includes:

  • Chairman Kai Sotorp who is group managing director, head of Asia Pacific, UBS Global Asset Management,
  • Vice-chairman Ajai M. Kaul who is the chief executive, Asia Pacific ex-Japan, AllianceBernstein,
  • Vice-chairman Jed Laskowitz, CEO Asia Pacific, JP Morgan Asset Management, and
  • Treasurer Lachlan G. Campbell, managing director & chief operating officer, Income Partners.

The current members of AAMG include AllianceBernstein, Amundi Asset Management, BlackRock, BNP Paribas Investment Partners, Eastspring Investments, Goldman Sachs Asset Management, Income Partners, J.P. Morgan Asset Management, Neuberger Berman, Principal Global Investors, Schroders, State Street Global Advisors, Threadneedle Investments, UBS Global Asset Management and Wellington Management.

“We are off to an excellent start with 15 global members with a very strong Asia presence and we plan to increase membership significantly over the coming months as we begin to tackle the key issues of concern among the asset management industry in the region,” Shen said.

Part of the Bonhill Group.