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BBH backs pioneering Japanese fund in Hong Kong

Miyajima_gateBrown Brothers Harriman says it is providing custody and fund administration to the first Hong Kong-domiciled Japanese equity fund managed by a Japanese fund house. The Japan High Dividend Stocks Fund is managed by Daiwa SB Investments, which boasts 5.6 trillion yen ($51 billion) of assets. “The entry of a leading Japanese asset manager into the Hong Kong fund space affirms Hong Kong’s draw as a fund domicile and supports the growth potential of the Mutual Recognition of Funds (MRF) channel,” said Scott McLaren, head of the BBH Hong Kong office. MRF is a scheme to allow eligible Hong Kong-domiciled funds to be sold in mainland China and vice versa. The scheme is seen as an attractive way for international managers to raise assets from onshore Chinese investors. The managing director of Daiwa SB Investments in Hong Kong, Jay Okada, says the Japan High Dividend Stocks Fund represents the firm's entry into Hong Kong's “competitive retail market”. ©2018 funds global asia

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