Asia Region Funds Passport looks set to become reality
Finance ministers from the Asia-Pacific region are expected to sign an agreement today facilitating the seamless transition of funds between Asian and Australian economies.
The Asia Region Funds Passport, due to be discussed at the APEC Finance Ministers' meeting in Indonesia, would allow Asian savings to be managed from Australia, according to Financial Services Council CEO John Brogden.
Although the pilot is not expected to be launched until 2016, the signing of the agreement would mark a significant step towards reducing regulatory inefficiencies and allowing fund managers to market products across the region, Brogden said.
"It is expensive and cumbersome for fund managers to distribute their products in different markets in the Asia region in the current environment," Brogden said.
"The FSC acknowledges Chris Bowen, former Treasurer and Minister for Financial Services, for his significant personal contribution to getting the Passport off the ground. We are now working with Joe Hockey to see the Passport come to fruition.
"The industry and Government now need to turn their attention to urgently implementing the remaining outstanding Johnson reforms in order to ensure we capitalise on this enormous opportunity."
Recommended for you
The structural shift towards active ETFs will reshape the asset management industry, according to McKinsey, and financial advisers will be a key group for managers to focus their distribution.
ASIC has warned that practices across the $200 billion private credit market are inconsistent and, in some cases, require serious improvement.
A surge in electricity prices has driven the monthly Consumer Price Index to its highest level in a year, exceeding forecasts.
Infrastructure well-positioned to hedge against global uncertainty, says investment chief.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
