Shorten recommits on funds management passport
The Assistant Treasurer and Minister for Financial Services, Bill Shorten, has restated the Government’s commitment to establishing an Asian Region Funds Management Passport (ARFMP).
The minister confirmed ongoing backing for the ARFMP concept in the context of this week’s APEC Policy Dialog being held in Kuala Lumpur this week.
Shorten said an ARFMP would establish a multilateral framework allowing the cross-border marketing of funds across participating countries.
He said that he welcomed regional interest in the passport, which represented a long-term policy measure the Australian Government was committed to pursuing.
Shorten said the passport would allow fund managers in participating countries to benefit by being able to manage a larger regional pool of funds from their home base.
“Investors in passport countries will benefit by having a greater range of investment products to choose from with the protection of a robust licensing regime,” he said.
Recommended for you
Index provider MSCI has unveiled two measures to make it easier for financial advisers and wealth managers to access transparent insights into private assets.
Vanguard has announced a strategic alliance with two US alternative asset managers to develop multi-asset solutions for financial advisers which combine public and private markets.
Clime Investment Management has enacted a range of growth initiatives to boost the firm’s reach with wholesale investors and a new approach targeting the retail market.
Generation Development Group, parent of Generation Life, has entered the ASX 200, having grown its funds under management to almost $4 billion.