Investment Management Association of Singapore. Annual Conference 2015

Transcription

1 Investment Management Association of Singapore Annual Conference March 2015 Panel Discussion: The Rise of Regional Passporting Schemes in Asia

2 Your Panel Today Panel Chair Ken Woo Partner & Asset Management Industry Leader, PwC Australia Panelists Remi Toucheboeuf Head of Product Management - Asia, BNP Paribas Securities Services Chris Edge Head of HSBC Securities Services Luxembourg Christopher Geh Regional Head of Products & Marketing, Maybank Asset Management Group Berhad Han Ming Ho Partner and Co-Head of Investment Funds, Asia, Sidley Austin LLP 2

3 Setting the scene 3

4 Still no uniform access for offshore funds in Asia Region Developed Asia Developing Asia Emerging Asia Source: Cerulli Associates, PwC Research PwC Country Typical Offshore Fund Legal Structure Market Access Singapore SICAV Direct Hong Kong SICAV Direct Japan FCP / SICAV Direct Australia Fund of funds + Master Feeder funds Indirect Taiwan SICAV Direct Korea China India Malaysia Thailand Indonesia Onshore feeder funds and wrappers, fund of funds & masterfeeder funds Closed Closed Onshore feeder funds and wrappers, fund of funds & masterfeeder funds Closed Direct and Indirect Indirect Indirect

5 Distribution is redrawn: Four distinct regional fund blocks by 2020 Main hubs for cross-border distribution Today 2020 Europe Europe Taiwan HK North Asia Chile Singapore Latin America South Asia Links between regional hubs Source: PwC Asset Management 2020 PwC 5

6 Singapore currently has its foot in both schemes Hong Kong China Mutual Recognition Asia Region Fund Passport ASEAN CIS Status: First phase completed but no specific timeline announced for final implementation Countries in scope: China, Hong Kong Status: Statement on Intent signed for Asian Regions Passport regime by 2016 with specific roadmap and timeline Countries in scope: Australia, South Korea, New Zealand, Singapore, Thailand and Philippines Status: Live 25 August 2014 Countries in scope: Malaysia, Singapore and Thailand PwC 6

7 Regional developments to a more integration Asian fund model are already taking place PwC 7

8 What s the potential? Estimated size of the Asian fund passporting regimes in 2018 HK-China MRA US$1.1 trillion in Mutual Fund Assets by 2018 ASEAN CIS US$331 billion in Mutual Fund Assets by 2018 APEC ARFP US$1.3 trillion in Mutual Fund Assets by 2018 Source: Cerulli Associates PwC 8

9 PwC 9

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