HK urged to introduce open-ended fund structure

To entice more Chinese hedge fund managers to raise capital in Hong Kong, the city should press ahead with introducing a new open-ended fund company structure, say observers. Paul Smith, the CFA Institute’s managing director for Asia Pacific, says such reform is “absolutely necessary”. Hong Kong is losing out to jurisdictions such as the Cayman Islands, because fund formation under its existing unit trust structure is uncompetitive, argue managers.  “Most asset managers do not…