The asset manager has converted five unit trusts into open-ended fund companies (OFCs) to lure mainland investors.
The fund is an Asia-focused FMP.
Under the new structure, managers may find it easier to distribute their funds outside of Hong Kong.
But the hope is that a July change in Cayman Islands regulations will steer hedge and private fund managers toward locally-domiciled funds.
Managers based in the region aim to expand their product range to include more complex asset classes over the next five years, according to a State Street survey.
Will Singapore’s new corporate structure for traditional and alternative managers grow at the expense of Cayman Island-domiciled funds?