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Irish and Chinese fund groups sign agreement

The Irish Funds Industry Association said it has signed a memorandum of understanding with the Asset Management Association of China in Beijing to promote closer cooperation.
The agreement supports information exchanges in areas such as regulation and investor protection practices, the IFIA said.
“[The MoU] serves as confirmation of the increasing interest that investors around the world have in gaining access to Chinese investment opportunities and the role in which global fund domiciles like Ireland can play in supporting the internationalisation of the renminbi, and Chinese asset managers,” said Pat Lardner, CEO of the IFIA. 
“The continuing evolution of the Chinese securities markets, a noticeable increase in the range and scale of asset management activity in the country and increasing wealth are all important and timely catalysts for action.”
The IFIA is a group that supports the development of the international funds industry in Ireland. The association’s 100 members are responsible for 12,500 funds with a net asset value of €2.95 trillion.
AMAC, set up in 2012, is a self-regulatory organisation that represents the mutual fund industry of China. AMAC had 370 members as of May 2013, including funds management companies, banks, local equity associations, insurance companies, trusts, QFIIs and private equity firms.

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