AIMA HK embraces local open-ended investment company proposals
01 March 2013
News, Asia, Global, Hong Kong
By Asia Asset Management
AIMA Hong Kong, the local branch of global hedge fund industry body, the Alternative Investment Management Association (AIMA), has welcomed the Hong Kong financial secretary’s recent proposals on local open-ended investment companies.
The proposals in the budget were to conduct analysis to understand the benefits of introducing a locally incorporated open-ended investment vehicle for use by the local funds industry, which will enhance Hong Kong's standing as a regional asset management hub, particularly if the current offshore funds profits tax exemption is extended to all bona fide funds domiciled in Hong Kong.
Phil Tye, chairman of AIMA Hong Kong, said: “We believe that having a locally incorporated vehicle whose primary regulator is the Securities and Futures Commission is extremely important for local managers and potential new market entrants. We would like to express our support for the financial secretary and the Financial Services Treasury Bureau (FSTB) for their identifying this key initiative.”
He continued: “These proposed changes are a step in the right direction to further strengthen Hong Kong’s role as a regional asset management center, helping to create jobs in Hong Kong from support services to these new locally-incorporated vehicles.”
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