Four years after setting up a full-fledged office in Hong Kong, Pioneer Investments has entered the Taiwan market via a distribution agreement with ING Securities Investment Management, one of the largest independent Sices securities investment consulting enterprises in that market.
ING already serves as a conduit for other fund managers that don't want to set up an expensive on-the-ground distribution operation, including Aberdeen Asset Management, Alliance Capital and Investec. As a Sice, ING can recommend offshore funds but can not sell them however, it can direct clients to one of five bank networks. Taiwan's Financial Services Commission has authorized 16 of Pioneer's Luxembourg-domiciled funds to be sold there.
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