Fund managers in Malaysia, Singapore and Thailand are joining up to bolster their standing with retail investors.
Regulators from Thailand, Malaysia and Singapore inked a memorandum of understanding to enhance the ASEAN collective investment schemes structure. The move offers fund managers wider access in the three countries, according to a press release from Malaysia's regulator.
The three countries agreed to lower the qualifying criteria to $350 million assets under management from $500 million, opening the field up to a wider range of fund managers. The signatories also committed to reviewing authorization applications to launch of funds within 21 days.
Consulting firm Cerulli Associates predicts mutual fund assets in Southeast Asia will grow by 12.3 percent annually over the next five years to hit $566 billion by 2021.
