Hopes of a lasting boost to Hong Kong’s asset management industry from a deal to sell funds into China have been dealt a blow by growing speculation that the UK and other markets will quickly benefit from similar agreements.
Hong Kong and Chinese regulators are set to sign an agreement in coming weeks to give funds domiciled on both sides of the border “mutual recognition” in each other’s markets, according to people following the talks.
Analysts have described the opening up of China as a “game changer” that would secure Hong Kong’s future as a financial centre by making it the best base for international fund managers from which to try to sell investments to hundreds of millions of Chinese savers.
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