
ICI Global to set up shop in Hong Kong
This trade association for global fund managers will open its office on May 1.
ICI Global said its coming to Hong Kong is a reflection of the rapid growth of the asset management industry in Asia. Ms Qiumei Yang, a senior executive from the Hong Kong Stock Exchange, will oversee ICI Global’s operations in Asia.
Yang served as head of mainland development at Hong Kong Exchange and assisted in the acquisition of the London Metal Exchange in 2012.
ICI Global said transnational regulatory efforts affecting funds have become the norm. It is crucial that the dialogue shaping regulations includes voices from the dynamic, diverse markets of Asia.
The association sees one of its main roles as a conduit for dialogue with a broad range of regulators and as an advocate for policies that promote funds as long-term investing vehicles.
Asian members of ICI Global include China Asset Management, China Universal Asset Management, HuaAn Asset Management, and Nikko Asset Management.
ICI Global is also concerned about the extraterritoriality implications of regulatory changes such as the Volcker rule, part of the US Dodd-Frank Act. It is also concerned with Europe’s Alternative Investment Fund Managers Directive because substantial levels of activity are delegated between fund managers in the US and Europe and Asia.