Japan has become a surprise participant in a “statement of understanding” aimed at furthering the creation of an Asia-Pacific Funds Passport for mutual investment vehicles, according to the Australian Financial Review.
The weekend edition of the AFR notes that the statement was agreed on Friday 11 September at a meeting of APEC Finance Ministers held in Cebu, Philippines, between Australia, Japan, Korea, New Zealand, the Philippines and Thailand. [Japanese Finance Minister Taro Aso was not present at the gathering where he was represented by Ministry officials.]
If the passport become a reality, the paper notes, Australia’s investment managers will be able to sell funds directly into Japan, home to “the world’s biggest savers”.
It then goes on to quote a more considered view from Sam Halliman, the managing diretor of Nikko Asset Management in Australia, who expects more Australian firms to partner with Japanese institutions adding: “Success now will only come about from Australian firms committing to the region, building up market insights and distribution sales resources. As always, you can only ever expect to win if you provide the right products to the right client segments at the right price. And you can’t do this with confidence unless you are there on the ground”.
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