Managers need to solve mutual recognition legacy issues
Mutual recognition opened for business yesterday, but fund managers still have a range of operational issues to overcome. These include differences in Hong Kong and mainland China's approach to fund processing.
The first Hong Kong funds to be sold via mutual recognition are expected to be approved by Chinese regulators at the end of July, an asset service provider has predicted.
While applications for the cross-border scheme started to be accepted yesterday (July 1), fund managers still have to overcome a number of operational hurdles.
The obstacles include the need for a fund order processing solution, in order to resolve different operational practices in mainland China and Hong Kong…
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