Andrew Procter, executive director at SFC, says the regulator will organize a committee to review the sweep of Hong Kongs asset management industry, the most radical feature of which is to authorize the selling of hedge funds to a mass audience. At present, such instruments are only sold privately to high-net worth or institutional clients -- behind closed doors and beyond regulatory sight.
We want Hong Kong to be the premier and desired fund management centre for Asia, and to satisfy both fund managers and their potential clients, he says.
SFC recognizes a rising demand for such products and acknowledges its current rules are too restrictive. We have a lot of...
