Hedge fund association ties up with China counterpart

27 June 2014   Category: News, Asia, China, Global   By Daniel Shane

The Alternative Investment Management Association (AIMA), the association for the global hedge fund industry, has signed a memorandum of understanding (MoU) with the Asset Management Association of China (AMAC).

The agreement, signed during a recent event Beijing, outlines areas of future co-operation between the two organisations, and underscores the commitment of AIMA and AMAC to strengthening exchange between the international and Chinese fund management industries.

“The signing of the MoU with AMAC, as well as the holding of our first major event in Beijing, underlines AIMA’s commitment to engaging with industry professionals, regulators and policymakers in China and the region. We have of course taken a very strong and active interest in China for some time,” commented Jack Inglis, chief executive officer, AIMA. “A number of our existing members have established offices within the People’s Republic of China, and there is considerable interest from firms within the domestic industry to join AIMA.”

Dr. Sun Jie, chairman, AMAC added: “As the main trade association of China’s asset management industry, AMAC has been developing close co-operative relationships with international counterparts and we are pleased to celebrate our strong relationship with AIMA through the signing of our first international MoU with them.”

He added that China’s hedge fund industry was “facing a historic market opportunity and huge development space”, following the extension last year of the Funds Law to cover non-public funds, as well as the ‘nine-points’ policy issued by the State Council.

AIMA currently has more than 1,400 corporate members worldwide across 50 countries, including hedge fund managers, fund of hedge fund managers, and other investors. Its manager members are responsible for managing a combined US$1.5 trillion in assets as of March this year.

Founded in 2012, AMAC is Mainland China’s self-regulatory organisation for the asset management industry.

According to figures published by Shanghai-based Z-Ben Advisors last year, there are currently some 700 hedge funds – or private fund management firms, as they are more commonly known – in China, collectively managing 300 billion RMB (US$49 billion).