·Four new MRF funds have been lodged with CSRC
·Domestic agent selection is splitting into distinct tiers
·Re-domiciling and foreign ownership will define MRF
Update: Four new MRF funds have been lodged with CSRC. CCB International and Value Partners are new names on the list. The update is not particularly surprising in terms of firm names and product choice. However, it is becoming apparent to us that timing and tactics will split an otherwise relatively bland initial field. Domestic agent choice is currently the most interesting element of MRF movements. It is a moving target: we have observed three distinct domestic agent choice strategies determined by degrees of China presence. What happens now will determine future approaches, namely, re-domiciling to Hong Kong is the most forward-looking strategy to distributing existing global products on the Mainland.
The new lodgings are from BEA Union, JP Morgan, CCB International and Value Partners, spread across……
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