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Ucits’ Asia dominance continues

Asia_globeThe EU’s Ucits fund structure looks to continue its reputation as the framework of choice in Asia, according to global research and consulting firm, Cerulli Associates. The contrasting fortunes of three Asian initiatives challenging the Ucits regime – the Asean Collective Investment Scheme, Mutual Recognition of Funds (MRF) initiative and the Asia Region Funds Passport scheme – “are struggling to get established”, Cerulli said in a statement. “Two of the three major initiatives taking shape in Asia have had a slow start and the third is still in its embryonic stages,” said Fabrizio Zumbo, associate director of European asset management research at Cerulli. “To say they are facing an uphill battle against the behemoth that is Ucits would be an understatement,” he added. In addition, the Ucits fund structure is seen as the standard-bearer for firms establishing operations in Asia, and managers can build assets in one Ucits fund that can be passported into multiple markets as opposed to launching a series of smaller funds. The popularity of Ucits stems from the fact that it is well-established, well-known and commonly accepted in global markets, with the notable exception of the US. “Many asset managers see Ucits as a premium brand for fund structures and value the regulatory oversight offered by jurisdictions such as Luxembourg and Ireland,” said Zumbo. “It also offers convenience and economies of scale.” ©2019 funds global asia

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