The growth and proliferation of locally domiciled mutual funds in Hong Kong is not a threat to the popularity of Ucits funds, already widely used in the territory, argues Camille Thommes, director general of the Association of the Luxembourg Fund Industry (ALFI).
The cross-border links with China’s onshore equity market has helped reduce the number of Hong Kong synthetic ETFs investing in the A-share market, according to a recent SFC study.
Who needs the S&P? Hong Kong’s red-hot stock market yesterday closed at the highest point since its inception in 1891, breaking the previous record set in October 2007 as China optimism soars.
Chinese banks, seen as risky by many investors, are looking attractive in 2018 due to ongoing reforms, said Ken Peng, Citi Private Bank investment strategist for Asia-Pacific, who also likes China’s industrial sector.
The Hong Kong operation of EFG Bank, a subsidiary of Swiss private bank EFG International, was fined HK$2m ($260,000) for dealing in futures contracts for 13 years without a required license.
A former private banking head at Standard Chartered Bank in China has been charged by Hong Kong’s Independent Commission Against Corruption (ICAC) this week with accepting a bribe.
China Universal Asset Management was the last firm in 2017 to announce the delisting of ETFs from the Hong Kong Stock Exchange.
BEA Union Investment’s Asian Bond and Currency (ABC) Fund has gained approval to be sold on the mainland under the China-Hong Kong Mutual Recognition of Funds (MRF) scheme, according to a statement from the firm.
As Hong Kong’s asset management industry grows, the Securities and Futures Commission (SFC) issues new guidance on sales practices and managing conflicts of interest.
Actively managed exchange-traded funds (ETFs) are among the proposals that Hong Kong’s financial regulator has put forward in its newest three-month consultation process.
Part of the Mark Allen Group.
