A Hong Kong fund house is launching its products in the home of wealth management, Switzerland.
Switzerland and Hong Kong inked a plan in December 2016 to allow Swiss and Hong Kong public funds to be distributed in either market through a simplified approval process.
BEA Union Investment Management is one of the first Hong Kong-based fund houses to gain approval to sell its products in Switzerland under the new cross-border agreement.
The two Hong Kong products, the BEA Union Investment Asian Bond and Currency Fund, with assets under management of $380 million, and the Asia Pacific Multi-Income Fund, worth $500 million, which invests in stocks and bonds, are among the first batch of four funds approved by the Swiss financial regulator Finma to be sold to Swiss investors under the scheme.
Few Asian Investment Products
Speaking to the South China Morning Post Eleanor Wan, chief executive of BEA Union Investment Management said «Switzerland is well known for its wealth management and private banking services. After getting approval to sell our fund products in Switzerland, it will widen our customer base and allow the Swiss investors to have access to our products.»
Wan is in Switzerland for two weeks promoting the launch of the two funds in a number of cities. «There are a lot of wealthy investors in Switzerland but there are very few Asian investment products in the country, this is why there is a lot of interest in our Asian fund products,» Wan added.
