China asset manager association establishes presence in Hong Kong
09 September 2013
News, China, Hong Kong
By Asia Asset Management
The Chinese Asset Management Association of Hong Kong (CAMAHK), a body that represents Mainland asset management and financial entities in Hong Kong, officially established an office in the territory on September 5.
The association exists to facilitate the offshore RMB business and further the overseas businesses of Chinese fund managers.
The CAMAHK currently has 48 members. The association’s management board encompasses representatives from seven top Mainland fund managers: China AMC, CSOP, E Fund, HuaAn, Fullgoal, Bosera, and HFT.
The association’s Chairperson Chen Ding, also CEO of CSOP Asset Management, notes that Mainland fund managers have now been setting up affiliates in Hong Kong for five years, and voices confidence for the future of cross-border business structures.
Such measures as the recently unveiled mutual fund recognition platform between Hong Kong and China will have a significant influence on the city’s fund industry over the next five to ten years, she notes, proving crucial as Hong Kong’s asserts its status as a global asset management hub of the future.
Ms. Ding played down the possible impact on Hong Kong from the China Securities Regulatory Commission’s recent unveiling of directives to promote the RMB-denominated qualified foreign institutional investor (RQFII) pilot scheme to Singapore and London, noting that the city retains an advantage over newcomers in developing RQFII products because it remains the world’s largest offshore RMB hub.
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