Local Taiwan managers to launch foreign-currency funds
17 August 2012
News, Asia, Taiwan
Taiwan’s Financial Supervisory Commission (FSC) has set the wheels in motion to allow domestic asset managers to launch foreign-currency funds, according to a report from the Economic Daily News on Friday (August 17).
An FSC official noted that local asset managers may be permitted to sell their foreign currency funds in overseas markets in order to lure more foreign capital into Taiwan’s equity market.
The FSC has already granted preliminary approval of the proposal and the Securities Investment Trust & Consulting Association (SITCA) is in the process of drafting regulations for domestic asset managers and foreign-currency funds.
Total AUM of Taiwan’s offshore funds significantly outweighs its onshore counterparts. According to statistics from SITCA, total AUM of the island state’s 1,037 offshore funds amounts to NT$2.37 trillion (US$79 billion); the AUM for its 620 onshore funds totals NT$1.81 trillion.
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