Dear Friends, Fund Companies and Colleagues,
We are proud to announce that we opened a Representative Office in Singapore. Within our Asian office we will look after our Asian clients such as iFast Financial and Taiwan Shin Kong Commercial Bank as well as our international partners such as Citi, Clearstream Deutsche Börse and Societe Generale.
This quarterly bulletin – Autumn 2014 – will give you an update on MFEX development. To start off we would like to give you our first impression on Asia and some of the local fund markets.
Asian Fund Market
The Asian markets have had a strong growth within the last decade. Equally, the fund distribution landscape is developing at a rapid speed. Hong Kong and Singapore are still the two international financial hubs, when it comes to banking and fund distribution in Asia. Additionally, relatively mature markets such as Taiwan, Korea and Japan continue to open up to European funds and distributors. Markets such as the Philippines, Malaysia, Vietnam and Indonesia are also evolving rapidly in terms of their fund distribution landscape.
Due to limited commonly accepted fund structures with mutually recognized regulations, there is no overall fund passporting regime for the enitre region, like there is in Europe. Hence, investors and distributors rely on bi-lateral governmental agreements as well as private placements. This in turn is one of the driving forces for the rather complex and extensive due diligence processes and compliance requirements in South East Asia.
Asia comes to Europe
Overall we see an increased demand for UCITS version of Asian funds from our clients. Predominately, our clients are looking for Equity and Fixed Income funds with a specialization on specific markets or sectors. The overall investment knowledge and market awareness from European investors is increasing. Retail investors are starting to differentiate between the different Asian markets with specific expectations and knowledge about these markets. As such, the appetite for these funds increases and the demand is expected to grow.
Europe goes to Asia
The private banking market is booming in Asia due to the increased wealth and rapid growth. It is expected that Singapore will become the world’s biggest private banking market by the end of the2015. Multiple European private banks have already setup a branch or subsidiary in Hong Kong and / or Singapore. We are expecting this trend to continue and that more resources will be allocated to Asia within the next years. Equally, we see an increased demand for European funds and asset managers in South East Asia.
… with our recommended seasonal superfood.
Dragon Fruit - Dragon fruit contains many vitamins and minerals, including vitamin B2, vitamin B3, iron, phosphorus, vitamin C, vitamin A, and calcium. Antioxidant levels in dragon fruit are high, especially a class of compounds called “phytoalbumins.”
The tiny black seeds are a great source of healthy Omega-3 fat and there's plenty of magnesium and calcium in the flesh.
A final boost to the immune system from dragon fruit is its antifungal and antibacterial quality. This can help increase the white blood cell count in the body which defends against toxins, and it also inhibits the entrance or growth of fungal or bacterial infections in the organ systems. You will also find that it stimulates cell regeneration.
 PricewaterhouseCoopers Global Private Banking and Wealth Management Survey 2013